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Publishing industry welcomes extension of B.C. government tax credit

Books for sale are seen here in a stock image of a book shop. (Source: iStock)

VANCOUVER (NEWS 1130) – It’s a big boost to B.C.’s publishing industry. The provincial government is extending the book publishing tax credit by five years to March 2026.

“I yelped when I saw the news release come through,” admits Heidi Waechtler, Executive Director of the Association of Book Publishers of BC.

“It’s great to have this credit renewed so that British Columbians can continue to have access to books that reflect our communities and our local experiences.”

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She says it adds some much-needed certainty to the industry, especially coming out of the COVID-19 pandemic.

“We’ve been advocating for a longer-term of renewal to allow book publishers to plan more effectively for the futures of their companies,” she explains. “And, of course, COVID has thrown all planning up in the air so [this] is hugely helpful.”

The move is also meant to help an industry whose workforce is 70 per cent women.

“There are lots of efforts afoot in the industry to diversify. You know, not just gender, but racial and cultural backgrounds, so that’s something we’re always mindful of. But it’s also empowering to know that there are many women in leadership positions in publishing.

Last year, the tax credit delivered more than $2.5 million in savings to 30 B.C.-based book publishers.