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Good news for B.C.'s digital media companies, as the provincial budget has extended the tax credit for interactive digital media to 2018. During Tuesday's budget review, Finance Minister Michael de Jong announced that British Columbia is expanding the Digital Animation or Visual Effects tax credit to post-production activities, and extending the Interactive Digital Media tax credit.
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 1st, 2015.
The Interactive Digital Media tax credit is a 17.5 per cent refundable tax credit on eligible salary wages for eligible companies that develop interactive digital products in B.C., read the government press release.
In addition, B.C. supports filmmakers, actors, and other industry participants through a number of refundable tax credits designed to encourage film and television production. The credits are expected to reduce the cost of wages for film and television companies, as well as make operating in B.C. more affordable.
“The film, television and digital media industries are an important element in the diverse B.C. economy, attracting skilled workers to high-value jobs. Expanding and extending these credits helps support a successful film and interactive digital media sector,” said de Jong.
“British Columbia is one of the busiest jurisdictions for filmmaking in North America - and with good reason. 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,” said Ministers of Jobs, Tourism, and Skills Training and Minister Shirley Bond.
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