VANCOUVER, BRITISH COLUMBIA -- (Marketwired - Feb. 17, 2015) - DigiBC, the non-profit association representing the digital media and wireless industry of B.C., commends the Government of British Columbia for renewing the Interactive Digital Media Tax Credit (IDMTC), and the association says the program reaffirms the Province's support for a world-class digital media hub in British Columbia.
The IDMTC was a catalyst that helped sustain the industry and minimize job losses during the global economic downturn prior to 2010. After the global economy rebounded, the IDMTC helped kick-start new digital and wireless companies in the province and jump-started hiring by companies. Over the past five years, the IDMTC has helped grow B.C.'s digital and wireless workforce to 4,600 full-time employees at both large global and independent local companies, and helped drive a 36 per cent increase to the sector's GDP contribution to $705 million. Today, the industry provides more taxation revenue to the provincial treasury than it receives from the tax credit.