THE B.C. government announced on Wednesday that it is extending a crucial support for the book publishing industry.
The book publishing tax credit delivered more than $2.5 million to the industry last year. This refundable tax credit program was scheduled to expire at the end of March 2021. Instead, it will be extended five years to the end of March 2026 and will support the economic and cultural value of book publishers, increase their competitiveness and strengthen their economic recovery out of the COVID-19 pandemic.
“We know that women are one of the groups at risk of long-term economic insecurity as a result of the pandemic,” said Selina Robinson, Minister of Finance. “It is vital to B.C.’s economic recovery that they are supported by government and given the best possible opportunity to move forward.”
This credit supports about 30 B.C.-based book publishers, who employ over 200 people. Women make up 70% of the industry’s workforce – setting it apart from industries supported by other tax credits like film, mining and shipbuilding.
“We know women have shouldered a disproportionate burden throughout the pandemic and our recovery must be rooted in equity,” said Grace Lore, Parliamentary Secretary for Gender Equity. “In an industry that predominantly employs women, the extension of this tax credit will provide stability for people who have seen their industry greatly impacted by COVID-19. On the heels of International Women’s Day, I’m pleased we are moving forward with this initiative that will support and create new jobs and opportunities for women in our province.”
Extending this program for five years is one of the ways government is providing support for businesses to recover from the pandemic. Other pandemic recovery measures for businesses include a provincial sales tax rebate on select machinery and equipment, a small-and medium-sized business recovery grant and helping businesses launch or upgrade online stores.
To learn more about the book publishing tax credit, visit:
https://www2.gov.bc.ca/gov/content/taxes/income-taxes/corporate/credits/book-publishing
