The tax breaks currently on the books in Ontario could become carved in stone if the ruling Liberals follow through on a proposal raised at the close of the CFTPA conference.
The provincial government is looking to make its domestic and foreign tax breaks permanent, and will likely introduce legislation to that effect when the new budget comes due this spring.
‘The Ontario entertainment and creative cluster is a cornerstone of our innovative economy,’ said Finance Minister Dwight Duncan. ‘Making these enhanced film tax credits permanent would help keep the cameras rolling in Ontario and attract even more projects.’
Production has been sluggish in Ontario for some time, due in no small part to complications including the high loonie and the contretemps at SAG. The province hiked its tax breaks in early 2008 to 35% for at-home projects, 25% for foreign.
The move comes just as similar, state-level incentives have dried up in the U.S., including New York and Pennsylvania, and as Hollywood prepares to lock in its locations for the coming spring/summer season.