B.C. is increasing a tax credit for video game developers to boost the industry in the province.
"Video games are big business in our province, supporting thousands of jobs," Premier David Eby said in a news release. "We want to keep growing our tech sector to create even more opportunity for British Columbians."
A tax credit for interactive digital media, which includes video games and virtual reality, will be increased from 17.5 per cent to 25 per cent and made permanent.
The credit can be claimed on salaries and wages paid during the development of video games, educational software or simulators.
Finance Minister Brenda Bailey is co-founder of Vancouver-based video game developer Deep Fried Entertainment, and made the announcement alongside Eby at Electronic Arts' Burnaby offices on Monday, July 7.
"As a game developer and entrepreneur, I know how important people are to success in the industry," Bailey said.
The interactive digital media industry employs 20,000 people. It adds $1 billion per year to B.C.'s gross domestic product, according to CreativeBC. This independent agency advocates for creative industries in B.C. and helps manage these types of tax credits.
More to come.
