VICTORIA — British Columbia's finance minister has yelled cut on film and TV industry tax credits.
Mike de Jong announced that the subsidy will be chopped by five per cent to 28 per cent after the government consulted with the industry.
He says the subsidy was forecast to cost the government almost $500 million this year, up from the average of $313 million over the past three years, and the strong American dollar has made the province even more attractive to the industry.
The changes are subject to approval of the legislature and are scheduled to be implemented in October when productions of new television episodes usually start.
The film and TV industry brings in about $2 billion annually in productions.
The Motion Picture Industry Association of BC says in a statement that the tax changes are a result of measured revisions that address the needs of the industry and government.
