‘Crucial’ book publishing tax credit extended by Province for five years

'Crucial' book publishing tax credit extended by Province for five years

The Province of B.C. has announced it is extending a “crucial” book publishing tax credit for five years.

The B.C. government claims that the book publishing tax credit delivered more than $2.5 million to the industry last year.

The current refundable tax credit program was scheduled to expire at the end of March 2021, however, it will be extended five years to the end of March 2026.

The Province says believes the tax credit, “will support the economic and cultural value of book publishers, increase their competitiveness and strengthen their economic recovery out of the COVID-19 pandemic.”

The provincial government estimates that the credit assists about 30 B.C.-based book publishers, who employ over 200 people.

“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.”

According to the government, women make up 70 per cent of the industry’s workforce.

Graham CoxGraham Cox

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