June 24, 2015
Province Extends Interactive Digital Media Tax Credit to Help Companies Create Jobs, Support Innovative Industry in Manitoba
The Manitoba government is continuing to invest in the province’s dynamic interactive digital media industry and stimulate job growth by extending the interactive digital media tax credit, Jobs and the Economy Minister Kevin Chief announced today.
“Manitoba’s interactive digital media businesses are showing young people their careers can have global impact while still having a chance to give back at home,” said Minister Chief. “They employ thousands in our province and are changing the way people everywhere administer health care, education, entertainment and marketing.”
The tax credit is a refundable corporate income tax credit that provides a 40 per cent rebate on eligible labour, marketing and distribution expenditures stemming from the development of eligible interactive digital media products in Manitoba. This tax credit has been extended to December 2019 and will continue to help local companies attract investment, launch new businesses, grow existing businesses, and assist with the development of innovative new technologies and products.
“As a virtual reality startup, it is very challenging to grow your company while maintaining the pace of innovation required in the interactive digital media sector,” said Lesley Klassen, chief innovation officer, Campfire Union. “We are using the Manitoba Interactive Digital Media Tax Credit to hire a developer. It will help us stay competitive globally.”
“The interactive digital media tax credit support has been a significant contributor to advancing our Fannex product, both in developing unique expertise in live interactive production and in getting recognized in the North American sports and entertainment community. With its support, we have formed an excellent team and are becoming a recognized industry player,” said Kemal Leslie, president, Emotion Media.
“Renewing this tax credit means more young people will have the opportunity to be part of this exciting and expanding segment of our fast-growing economy,” said Minister Chief. “We are proud to work with the businesses that are helping to make that happen.”
The Manitoba Interactive Digital Media Tax Credit has helped local companies hire additional staff by supporting new product development and securing new contracts, the minister said, adding companies that have benefited to date have links to website and app development, arts and culture, film, video and marketing, health care and education.
- 30 -