On December 12, 2024, the Ministry of Finance and Ministry of Tourism, Arts, Culture and Sport announced the following updates, subject to approval of budget legislation:

For FIBC applicants:

• The basic tax credit will increase from 35% to 36% for productions that start principal photography on or after January 1, 2025; and
• The Province intends to restore the regional and distant location tax credits for animated productions with a bricks-and-mortar presence in a regional or distant location

For PSTC applicants:

• The production services tax credit will increase from 28% to 36% for productions that start principal photography on or after January 1, 2025
• A new credit of 2% for major B.C. productions that:
  • Have B.C. production costs greater than $200 million and
  • Start principal photography on or after January 1, 2025
• The Province intends to restore the regional and distant location tax credits for animated productions with a bricks-and-mortar presence in a regional or distant location

See the news release issued by the Province of BC for more information.