The provincial government says tax credits for film and television productions in the province have been a roaring success.
The Greene Report raised questions about the industry, estimating a negative net return. However, provincial tourism and arts minister Steve Crocker disagrees.
The 2023 budget includes an increase to the All-Spend Film and Television Tax Credit to 40 per cent, as well as $10 million to the Film and Television Equity Investment Program.
While speaking to reporters on the red carpet for a screening of “Peter Pan and Wendy”, shot in part in this province, Crocker said there is a lot of unseen spinoff revenue from the film industry.
He says the attention a film of this magnitude brings to the beautiful landscapes featured adds a huge tourism value in addition to the money directly spent in the province by the project.
Crocker says the tax credits are a driving force behind the interest from the industry.
He says every single jurisdiction in the business has tax incentives, whether it be Ontario, Manitoba or California. He calls them “fundamental” to the success of the industry in Newfoundland and Labrador.