Released on November 21, 2005
The provincial government is moving forward with legislation that will see a tax credit of up to 55 per cent for film and video producers."This legislation will ensure Saskatchewan's Film Tax Credit program is one of the most competitive in North America while encouraging the development and support of local film industry workers," Culture, Youth and Recreation Minister Joan Beatty said.
North American and local environments have changed since the Film Employment Tax Credit program was first introduced in 1998. The industry has expanded significantly, which has resulted in production volumes growing faster than the province's local labour capacity to support them. At the same time, other provinces have recently introduced incentives that have affected the industry in Saskatchewan.
Changes to existing provisions include increasing the base tax credit to 45 per cent from 35 per cent and a five per cent additional credit toward salaries of Saskatchewan residents when hired in six out of 10 key positions.
Regulations are drafted so the bonus five per cent is applied to films with budgets of over $3 million to help provide a strong incentive for larger productions to develop and employ Saskatchewan crew members and technicians, which will help grow the capacity of local talent.
The existing five per cent rural bonus will continue on those productions filming 40 kilometres from Saskatoon and Regina.
"The film industry generated $80 million in economic activity last year alone," Beatty said. "It also generated 850 full-time equivalent positions. Considering that the average age of film workers is about 35, this will translate into more jobs for our young people."
The amended legislation will take effect January 1st, 2006.
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For More Information, Contact:
| Janet Peters Culture, Youth and Recreation Regina Phone: (306) 787-2850 |