Victoria – The B.C. government 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.
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.
To learn more about the book publishing tax credit, visit:
https://www2.gov.bc.ca/gov/content/taxes/income-taxes/corporate/credits/book-publishing
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.
