B.C. is showing Hollywood the money to keep the province on the screen.
Premier David Eby said Thursday (Dec. 12) the province will increase two tax credits designed to keep the movie industry rolling.
Eby, who made the announcement at movie studio in Langley with three cabinet ministers including B.C. Finance Minister Brenda Bailey, said B.C. is "boosting tax incentives" to help ensure B.C.'s competitive advantage as a destination of choice for filmmakers in Canada and around the world, employing skilled British Columbian crews."
The Film Incentive BC (FIBC) tax credit supporting Canadian-content productions will rise to 36 per cent from 35 per cent.
The production services tax credit, providing a tax incentive for international projects made in B.C., will rise to 36 per cent from 28 per cent, if principal photography starts Jan. 1, 2025.
Projects that bring more than $200 million to B.C. receive another two per cent.
Preliminary estimates peg the cost of the additional credits at around $300 million, raising B.C.'s overall commitment to film and television tax credits toward $1.2 billion in the future.
The changes are part of the upcoming provincial budget in responding to concerns about the state of the film industry, following COVID-19, labour disruptions and studios scaling back productions because of structural changes in the industry.
California has also announced steps to keep Hollywood production in the state synonymous with the industry and B.C. is increasingly competing against other jurisdictions offering tax breaks.
Bailey, who had connections with the film industry through her previous role as B.C.'s Jobs Minister, last month visited California to meet with industry leaders after she had assumed her new post.
Industry leaders like Gemma Martini, chair of Screen BC chair and CEO of Martini Film Studios, welcomed the announcement.
"Best Christmas present ever," Martini said. "This announcement is a heartening and encouraging way to wind down an incredible turmultous year for our industry."
Martini added that her industry understands the many issues facing government. "We are deeply grateful to our government partners for their profound understanding of what we have collectively accomplished in building this industry in British Columbia," she said.
Martini said B.C. remains "a well-respected and preferred global production partner" but must "be able to compete at the bottom line."
"We know our government's announcement will put B.C. back in the game to earn our true 'Hollywood North' reputation," she said.
According to Creative BC, the film industry generated $2.7 billion in GDP in 2022 about one per cent of B.C.'s GDP and $2 billion in 2023, a year impacted by strike action and a decrease in global production.
