Deal reached on changes to Nova Scotia film tax credit
Posted Apr 23, 2015 03:12:54 PM.
This article is more than 5 years old.
Representatives of Nova Scotia’s film industry say they have reached an agreement with the provincial government on the structure of a tax credit that has been at the centre of a dispute since it was changed in this month’s budget.
Scott Simpson of Screen Nova Scotia says a proposed budget cut to the $24 million tax credit will go ahead, but the structure of the incentive will change from a percentage paid for labour costs to a percentage for labour and any eligible expense for goods and services.
Marc Almon, the group’s chairman, says the change will help many productions remain competitive with other jurisdictions in the country.
Almon says the new base rate will be 25 per cent refundable for all production costs, while there will be an additional two per cent bonus for shooting outside of Halifax, another two per cent for indigenous producers who are shooting their own work, and one per cent for series production.
Almon says the fine details of the final agreement will be included in the Financial Measures Act, which is yet to be tabled in the legislature.
