An announcement for local industries
The Alberta Government have announced a new Tax Credit which is aimed primarily at diversifiying the economy including tourism and film industries.
The Capital Investment Tax Credit (CITC) is designed to encourage large-scale capital investments.
The CITC would offer a 10 per cent, non-refundable tax credit of up to $5 million to Alberta companies involved in manufacturing, processing and tourism infrastructure. It would have a budget of $70 million over two years and be provided on a competitive basis to companies making eligible capital investments of $1 million or more.$5 million will be allocated to Culture and Tourism to develop supports for Alberta's cultural industries.
In addition the Alberta Investor Tax Credit (AITC) has a budget of $90 million over three years and would be available for investments in companies that are engaged substantially in proprietary technology research, development or commercialization, interactive digital media development, video post-production, digital animation or tourism.
Tax credits such as the CITC and AITC already exist in many other Canadian provinces and the government state they have worked with business and investment leaders on the criteria for both tax credits and are designed to encourage economic diversification.
The application process for the CITC and AITC will be announced pending the passage of legislation this fall, with the first intake expected to begin in January 2017. The AITC will apply retroactively for investments made as of April 14, 2016.
If you have any questions or support in looking futher into these tax credits contact Julia Fielding Economic Development and Communications Officer at firstname.lastname@example.org or 403 823 1320.