The Ontario Finance Minister has announced that the Ontario Film and Television Tax Credit for domestic producers would increase from 30 to 35 per cent and the Ontario Production Services Tax Credit benefitting foreign production, will rise from 18 to 25 per cent.
The boost comes just in time for FilmPort, a new studio on the Toronto waterfront set to open 31 March.
Traditionally US studios make decisions about film production in January, February, with many of the majors currently greenlighting features to stockpile in anticipation of a possible Screen Actors Guild strike in June.
The last time Ontario increased their Tax Credit Incentive, Brightlights, Vancouver's largest studio, threatened to move unless BC would match the incentive. Currently the BC Film and Television Tax Credit is at 30% for domestic and 18% for foriegn productions.
The original deal which was set to expire next year was recently extended to 2012 by BC Premier Gordon Campbell just this past October.
source: the Ontario Media Development Corporation
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