OIDMTC Tax Credit Enhancements Announced

On March 24th, the Ontario Media Development Corporation (OMDC) issued a notification that the enhancements to the Ontario Interactive Digital media Tax Credit (OIDMTC) first announced in the Ontario Provincial budget of 2009 have been passed.

Of note, the tax credit rates have been increased for Eligible and Specified Products on expenditures incurred after March 26, 2009.  Specifically,

• The OIDMTC rate has increased from 30% to 40% for qualifying corporations, regardless of size, that develop their own eligible products.
• The OIDMTC rate has increased from 25% to 35% for qualifying corporations developing specified products.

For more information regarding the OIDMTC, please visit the OMDC’s OIDMTC page at http://www.omdc.on.ca/Page3400.aspx