The following information is excerpted from a release issued by the Province of British Columbia.
Finance Minister Michael de Jong announced February 15 that the Province will be extending the BC Book Publishing Tax Credit (BPTC). The refundable income tax credit was set to expire at the end of March, but will be extended for two more years to March 31, 2019, subject to the approval of the legislature.
The Book Publishing Tax Credit was first introduced in 2003 to stabilize the book publishing industry in BC and allow it to become more competitive. The BPTC is a refundable corporate tax credit set at 90% of the Canada Book Fund amount received for a given taxation year. The credit is refundable to the extent it exceeds the corporation's income tax payable. In 2015–16, the total amount of credits assessed was $2.9 million. Since the tax credit was introduced in 2003, $26.8 million in credits for BC book publishers have been assessed.
For more information, please consult the release issued by the Province, which can be found here.