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New Fund to Replace Tax Credit

Finance and Treasury Board Minister Diana Whalen announced a new film and television industry fund that will replace a film tax credit, after a meeting with the film and television industry today, April 23.

The proposed Nova Scotia Film and Television Production Incentive Fund is modelled after a successful program in Alberta.

“We have said all along that we value this industry and want to see it remain in Nova Scotia,” said Ms. Whalen. “I am pleased we have been able to work together to find common ground that respects the fiscal challenges facing Nova Scotia and also supports the film and television production industry in the province. The proposed arrangement stays within the fiscal plan announced on budget day.”

The new program would fund 25 per cent of eligible Nova Scotia costs. Meeting certain conditions could raise that to 30 per cent. The new fund would be transparent and competitive with the rest of Canada.

Government will also establish a Creative Economy Fund to support the publishing and music and sound-recording sectors. Fund criteria will be designed in consultation with the sectors.

The Nova Scotia Film and Television Production Incentive Fund will be effective July 1 and administered by Nova Scotia Business Inc.

Talks with the animation industry continue.

For more information, visit www.novascotia.ca/finance .

Source: Release

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