Film Tax Credit Extended

first_imgNova Scotia will continue to attract film and televisionproductions from around the world, thanks to a 10-year extensionto the province’s film tax credit. The government is also increasing the tax credit from 30 to 35per cent for productions in downtown Halifax RegionalMunicipality, and from 35 to 40 per cent for areas 30 kilometresor more from the city core. In addition, a frequent-film bonus offive per cent is being introduced for companies that shoot twoprojects in the province over a two-year period. “The investment guarantees that Nova Scotia will remain anattractive option for new productions and that our regulatory andtax climate will continue to match our abundant naturaladvantages in location, community support, and technicalexpertise,” said Premier John Hamm, today, March 8. “We arebuilding on the spirit of long-term vision and co-operation thathas made Nova Scotia a competitive alternative in an increasinglycrowded field.” The 10-year time frame of the tax credit gives producers thestability they need to plan for future production decisions, andit gives the Nova Scotia industry a critical marketing tool forattracting more foreign productions. “The tax credit system promotes employment in communitiesthroughout Nova Scotia, since it is calculated on eligible NovaScotia labour,” said Economic Development Minister Ernest Fage.”The industry forms important links with training programs forour youth and the tax credit is key to the industry’s ability tomaintain the crew levels, studio space, equipment houses andother infrastructure that has developed in Nova Scotia over thepast decade.” Premier Hamm also announced an additional $600,000 for the NovaScotia Film Development Corporation to use toward existingprogramming in 2005-06. The CEO of the film corporation, AnnMacKenzie, predicted that the additional funding could lever anextra $15 million of production activity in the province. “The film business is a labour-intensive, environmentallyfriendly, global industry that puts the province on the map likeno other sector can,” said Ms. MacKenzie. “With the enhancementsannounced today, the film corporation can increase localproduction and prepare a marketing campaign to go head-to-headwith other jurisdictions in attracting even more guest-productionactivity.” The cost of the enhancements would be about $1.5 million dollars,which would be returned to the province in personal tax revenuesand spin-offs, according to an economic-impact assessment of thefilm industry done in 2004. The province’s film industry has generated more than $100 millionof production activity in each of the last six years andconsistently employs about 2,000 Nova Scotians.last_img read more

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