British Columbia is expanding the Digital Animation or Visual Effects tax credit to post-production activities, and extending the Interactive Digital Media tax credit to 2018, Minister of Finance Michael de Jong announced today with the introduction of Balanced Budget 2015. As promised, the Digital Animation or Visual Effects (DAVE) tax credit will apply to labour expenditures on eligible post-production activities for productions where principal photography begins on or after March 1, 2015.
“The film, television and digital media industries are an important element in the diverse B.C. economy, attracting skilled workers to high-value jobs,” said Minister of Finance Michael de Jong. “Expanding and extending these credits helps support a successful film and interactive digital media sector.”
The Interactive Digital Media tax credit was introduced in 2010 and set to expire in 2015, but Budget 2015 extends the credit to 2018 to continue providing support for the digital media industry. The Interactive Digital Media tax credit is a 17.5% refundable tax credit on eligible salary and wages for eligible companies that develop interactive digital media products in B.C.
“British Columbia is one of the busiest jurisdictions for filmmaking in North America – and with good reason,” added Minister of Jobs, Tourism and Skills Training and Minister Responsible for Labour Shirley Bond. “We have exceptional talent and infrastructure; our tax credits for the film and digital-media industries are just another added incentive for production companies to call B.C. home. I am positive that the measures in Budget 2015 will result in increased investment in the Province, putting more of our talented British Columbians to work.”
British Columbia also supports filmmakers, actors and other industry participants through a suite of refundable tax credits designed to encourage film and television production activity in all areas of B.C. The credits serve to reduce the cost of wages for film and television companies, and make operating in B.C. more affordable.
The motion picture industry spends over $1.1 billion per year on production activity in British Columbia, generating an estimated 20,000 direct and indirect jobs. B.C.’s digital-media industry generates about $1.2 billion in revenue and employs approximately 14,000 British Columbians.
“North Vancouver had a record-breaking year in 2014 for film activity, but that success was not limited to the North Shore,” concluded MLA for North Vancouver Seymour Jane Thornthwaite. “This industry is valuable for the entire province and extending tax credits, both in scope and length, will keep B.C.’s film industry competitive and strong.”
The B.C. government launched BC Creative Futures, a strategy to help foster a creative workforce and support the continued growth of creative industries in British Columbia. For details, visit the BCCF website.