VANCOUVER, BRITISH COLUMBIA -- (February 20th 2018) - DigiBC, the Interactive and Digital Media Industry Association of British Columbia, welcomes the announced five-year extension of the Interactive Digital Media Tax Credit (IDMTC) to 2023. The commitment to continuing the IDMTC will support the ongoing success of our Interactive Digital Media (IDM) sector in BC.
Key announcements of particular relevance to the IDM sector include:
- The extension of the IDMTC from 2018 to August 31st, 2023.
- $3 million over three years is provided to Creative BC to promote and strengthen BC’s motion picture, music, publishing, and digital media sectors.
- The clarification that VR/AR are included (click here to read more).
DigiBC applauds the appointment of B.C.’s first Innovation Commissioner to advocate for B.C.’s booming tech sector and the launch of the Emerging Economy Task Force to drive sustainable industries and economies forward.
DigiBC represents the Interactive and Digital Media sector in BC, encompassing video game, animation, visual effects, and digital marketing companies that represent over 16,000 full-time employees.
DigiBC had advocated for a fiscally responsible increase to the IDMTC. The IDMTC is a competitive, sustainable tax credit whose impact to the Province is tax positive - tax revenues from the new jobs created more than offset the cost of the tax credits. Our economic analysis indicates that an increase to the IDMTC will catalyze job growth within our sector.
While this increase was not included in the 2018 budget, DigiBC will continue to work with the government to advocate for this increase as a driver of economic growth for BC’s Interactive and Digital Media sector as a key pillar of the province’s broader technology and innovation strategy. DigiBC aims to re-establish BC as a top-five world leader in IDM, provide support and training to current and future generations of talent, and expand our industry into additional regions in the province.
“Interactive Digital Media is one of the most vibrant and valuable industries within BC for today and the future, and the IDMTC enables our member companies to invest in exciting new experiences and technologies, sustaining thousands of jobs in the province to the benefit of all British Columbians,” said Brenda Bailey, Executive Director of DigiBC. “We look forward to our continued collaboration and partnership with the BC Government on driving success and catalyzing the growth of our industry, supporting innovative programs and showcasing BC as one of the best hubs for IDM creation in the world.”
About DigiBC
DigiBC is the Interactive and Digital Media Industry Association of British Columbia. Our members include global companies such as EA (Electronic Arts), Microsoft, Capcom, Relic Entertainment (Sega), and Animal Logic, as well as a slate of homegrown success stories such as Finger Food Studios, Blackbird Interactive, Klei Entertainment, and Codename Interactive. These companies are creating innovative products and services in video gaming, animation, visual effects, and digital marketing across traditional and emerging platforms, including VR, AR and MR. Collectively, BC has hundreds of interactive and digital media companies, which employ over 16,000 people and generate billions in annual sales – making the sector one of the most significant contributors to British Columbia’s economy.
For more information, email Brenda Bailey (exec@digibc.org) or visit www.digibc.org