B.C. gov’t to increase tax credits for film productions

Premier David Eby has followed through on an election promise to build more incentives for the film industry to bring productions to B.C.

The province will increase the production services tax credit for film and TV projects from 28 to 36 per cent and add a two per cent bonus to productions that cost more than 200 million dollars to film.

Eby made the announcement from ‘Martini Town’ studios in Langley, which was decorated for Christmas movie productions.

“I feel like I’m in an actual Hallmark special. They they get streamed continuously at our house, and I feel like I’ve stepped right into the movies. And that’s the magic of the B.C. film sector, whether it’s a huge blockbuster productions like Deadpool, like The Last of Us… or if it’s small, boutique productions,” said Eby.

The province says foreign productions making about 80 per cent of all production spending in B.C. and it’s critical that the province maintains international relationships to keep those projects coming to film.

While taxing film productions can be lucrative, Eby says providing incentive to move productions to B.C. brings other major economic impacts.

“First of all, the direct employment of tens of thousands of British Columbians. And all of those workers pay taxes; they buy things in their local stores; they participate in their local economies. That has a net positive effect overall, in terms of equity in the province,” he explained.

“The second are the more indirect effects we find that our film and television industry promotes British Columbia as a tourism jurisdiction, encourages people to site of their favorite film or show, or they see a landscape that’s particularly compelling, they look it up and they make a plan to visit. It drives our tourism industry,” said Eby.

The province also announced its intention to restore regional and distant location tax credits for animation production companies with a bricks-and-mortar presence outside of Metro Vancouver, the Fraser Valley and Whistler Squamish.

“This particular change to the animation tax credit is really about encouraging economic development and industry growth in regions outside of B.C.’s film hub,” said Finance Minister Brenda Bailey.