The B.C. Government will support game developers by increasing a tax credit.
The province announced it’s increasing the interactive digital media tax credit from 17.5 percent to 25 percent to support those working in the interactive digital media industry like video game and virtual reality developers, software engineers, and artists.
The increase supports higher salaries and wages earned in the industry after August 31 this year, with businesses able claim the credit on those payments for video game, simulator, and educational software development.
Minister of Finance Brenda Bailey says from her experience in the gaming industry, she knows how important people are to its success.
“We stand by our developers and can’t wait to see what they create next.”
The province says the increase would also get more people employed in this industry as almost half of all B.C. gaming companies are only made up of 10 people or less.
It hopes the tax credit supports the hiring of over 20,000 people, attracts new investment, and continue the development of highly praised games.
This increase takes effect September 1.
