04/17/2015 05:02 EDT | Updated 07/04/2015 01:59 EDT

More talks planned for next week on Nova Scotia's film tax credit

HALIFAX - More talks are planned for early next week over proposed changes to Nova Scotia's annual $24 million film tax credit.

Representatives from the film industry met for four hours Friday with Finance Department officials.

Screen Nova Scotia chairman Marc Almon says there was a "frank and open" exchange of information during the course of the meeting, but he wouldn't say whether actual proposals were discussed.

Finance Minister Diana Whalen says she's encouraged that the sides are still talking, but she also declined to reveal any details of what was said.

The industry says a move to reduce the tax credit to $6 million beginning July 1 will drive business away from the province.

"The changes proposed in the recent budget would have a catastrophic effect on our industry," Almon said in a statement. "Today's meeting was ... an opportunity for us to explain to the Department of Finance many of the complexities involved in our industry."

But the government says it can't afford to maintain what it says is one of the richest incentives for the film sector in the country.

"This was a constructive meeting," Whalen said in a statement. "We have agreed to not get into the details of our talks. There is more work to be done, and we'll continue consultations next week."