ONTARIO GOVERNMENT TO INCREASE TELEVISION AND FILM TAX CREDITS
By Adnews Staff
The Government of Ontario has proposed $48 million in increases to two tax credits in an effort to boost the province's television and film industry. If passed by the legislature, the credits will go into effect on Jan. 1. The Ontario Film and Television Tax Credit for domestic productions would increase from 20 to 30 percent for five years. The 10 percent regional bonus credit would also be maintained. The Ontario Production Services Tax Credit for foreign productions would increase from 11 to 18 percent. Both credits would be subject to performance reviews. "We see this investment as a way to stimulate economic growth and job creation," said Finance Minister Greg Sorbara. "Working with the industry, we have developed some performance measures that they will need to meet to maximize the value of this tax credit for their members."