Burnaby Board of Trade Urges Expedition on the BC Film Tax Credit Increase

November 5, 2024 - The Burnaby Board of Trade urges Premier David Eby to expedite the timeline for increasing the Production Services Tax Credit (PSTC) from 28% to 36%, as promised in his campaign pre-election. While we are pleased that the Premier has reinforced his commitment to this initiative, the situation's urgency cannot be overstated. Action must be taken before California’s planned increase of its film tax credit program from US$330 million to US$750 million in 2025-2026.

This development comes at a critical time for our industry, which is facing a significant slowdown in production following the writer’s and actor’s strike. Only 35% of the workforce is employed, compared to previous levels. The film and television industry employs over nearly 80,000 people across Metro Vancouver, from local actors and crew members to set designers and production teams. Its impact, however, extends far beyond the set, helping to power our local economy through a wide range of businesses, including coffee shops, restaurants, equipment suppliers, florists, grocery stores and more. Film production is integral to sustaining the livelihoods of thousands of Burnaby residents and small and medium-sized businesses.

The planned increase in tax credits is essential not only for stimulating our local economy but also for sustaining the livelihoods of thousands of workers in the film and television sector. As studios produce less content than in previous years, we must act promptly to bolster our already top-tier reputation as a production location.

The BBOT is dedicated to advocating for measures that will strengthen our industry and benefit our community, and we look forward to seeing prompt action on this critical initiative.