Released on November 19, 2004
Changes are being introduced so that the province can better predict the resources required for the Film Employment Tax Credit.Saskatchewan's Film Employment Tax Credit provides film producers with a refundable tax credit of 35 per cent of Saskatchewan labour costs.
"We are establishing timeframes for producers of eligible films to register and file for the Film Employment Tax Credit Program," Culture, Youth and Recreation Minister Joan Beatty said. "This will allow for better stewardship of the program and make it easier to predict how great the draw on the program will be each fiscal year."
The Film Employment Tax Credit Amendment Act provides the Lieutenant Governor in Council (Cabinet) with the authority to establish in regulation a timeframe within which a film must be registered in the program. A similar amendment moves the authority to establish timeframe within which a film must file its final claim for the film credit from the Minister to the Lieutenant Governor in Council in regulation. Regulations will be developed in the coming months with further consultation with the industry.
Previously, there was no set time frame and some producers filed for the credits several years after productions were completed, making it difficult to predict the total amount that would be drawn from the credit in a particular year.
"Through incentives like the Film Employment Tax Credit, the government is helping to grow an exciting film industry in Saskatchewan," Beatty said.
Last year, the volume of film productions in Saskatchewan was valued at $47 million.
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For More Information, Contact:
| Janet Peters Culture, Youth and Recreation Regina Phone: (306) 787-4967 |