Tuesday, December 18, 2007

Ontario boosts production tax credits.

TORONTO -- The Ontario government has come to the rescue of the beleaguered local film and TV industry, upping tax credits for domestic production to 30% from 20% and for foreign production to 18% from 11%.

That percentage of the labor portion of a production's budget--usually between 70% and 90% of overall cost--will be tax exempt. For domestic productions shooting outside of Toronto, there will continue to be an additional 10% credit.

Foreign productions lensing outside of Toronto will, however, no longer get an extra 3% credit.

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