Big news for VFX in BC. The reduction of the film tax credit is much lower than was speculated. There had been talk that there would be a cap, or a massive reduction of the credit. The announced cut is fairly low, meaning that Vancouver will continue to be the center of the VFX world, at least, until the next provincial budget.
BC film/TV industry likely to be pleased by gov tax credit changes. Rate not cut in half, as once suggested, and no annual cap.— Rob Shaw (@robshaw_vansun) May 2, 2016
BCgov unveils new, lower, tax credits for film/TV industry. Had previously said cost of credits growing too fast. pic.twitter.com/fKldHhrlmg— Rob Shaw (@robshaw_vansun) May 2, 2016
It's actually 53.96% so just about a 4.44% cut from the 58.4% rate. Pretty small cut that wont do much to lower cost https://t.co/9mGlKxe03G— VFX Soldier (@VFXSoldier) May 3, 2016
It's going to be funny at the end of fiscal 2016-17 when BC finds that their subsidies cost even more than $500M. https://t.co/u7ZBTDLAdK— Mystery VFX Artist (@VFXSailor) May 3, 2016
.@VFXSailor Makes me wonder where the finance min got that savings of $100M. Guess he will use it every year to cut it down.— VFX Soldier (@VFXSoldier) May 3, 2016