NEWS RELEASE · 29th April 2010
Ministry of Finance
Bill 19, the Financial Statutes Amendment Act (No. 2), introduced in the B.C. legislature today will affect the following provincial statutes:
Income Tax Act - Proposed amendments implement the B.C. Interactive Digital Media Tax Credit, providing a made-in B.C. incentive package that recognizes the convergence taking place within the film, television and the increasingly important video game and animation sectors. The amendments respond to industry needs and recognize these companies contribute more than $1 billion annually to the B.C. economy.
The tax credit is 17.5 per cent of qualifying B.C. labour costs and is based on a company registration model, where a corporation is pre- registered as being in the business of producing interactive digital media products. The Province is currently developing the regulations to support these amendments.
International Financial Activity Act - Proposed amendments will implement the enhancements to the International Financial Activity Program that will position Vancouver as a premier centre for international commerce and support jobs and expansion in the growing clean technology, green economy and digital media sectors.
Changes include expanding the types of eligible specialists and allowing the following new types of international businesses to qualify under the program: digital media publishing and distribution, certification and trading of carbon credits, and clean technology. To better reflect the expansion of the program beyond financial businesses, the statute is renamed the International Business Activity Act. The Province is currently developing the regulations to support these amendments.
Social Service Tax Act and South Coast British Columbia Transportation Authority Act - The proposed amendments will transfer the administration and enforcement of the TransLink parking tax to TransLink, effective July 1, 2010.
Budget Measures Implementation Act, 2010 - The proposed amendment ensures that the minimum tax payable under the homeowner grant program ($350 for the basic grant and $100 for the additional grant) applies to the new northern and rural home owner benefit.
Land Tax Deferment Act - Proposed amendments will enable a homeowner to add their spouse to title without having to terminate an existing tax deferment agreement and pay the deferred taxes.
Income Tax Act and Logging Tax Act - Proposed amendments reflect changes made to the federal Income Tax Act and clarify and confirm the policy intent of existing B.C. income tax programs.