The B.C. government is cutting back on the film tax credits enjoyed by so many foreign productions in recent years.
The province announced Monday (May 2) that tax credits for movie and TV producers will drop from 33% to 28% beginning in October.
Meanwhile, foreign visual effects and animation studios with offices in Vancouver will see their tax credits go from 17.5% to 16%.
The cost of those tax credits were forecast to hit nearly $500 million this fiscal year, according to the provincial budget released in February.
Provincial tax credits for the film and TV industry averaged about $255 million a year from the 2010-11 to the 2013-14 fiscal years.
Since then, the industry has been booming as the lower Canadian dollar brought a flurry of U.S. productions north of the border.
