This release was issued under a previous government.
“Large-scale capital investments in our province don’t just spur job creation, they also create spin-off economic benefits in communities throughout Alberta. This tax credit will help boost investor confidence and attract the investment Alberta needs now.”
The proposed CITC will encourage companies to make timely capital investments by returning a percentage of the company’s costs, including the purchase of machinery, equipment and buildings.
The two-year program will be implemented as a 10 per cent non-refundable tax credit of up to $5 million.
The CITC will also help make Alberta more competitive with neighbouring jurisdictions already offering similar incentives. The tax credit is expected to generate $700 million worth of investment and support thousands of direct and indirect jobs in Alberta.
“The Canadian Institute of Steel Construction supports the efforts of the Government of Alberta to enhance the competitiveness and productivity of Alberta companies through this capital investment program. Our members share the government’s priorities of generating employment and pursuing economic diversification for the benefit of Albertans.”
Program design, implementation and application details will be shared publicly once finalized. The CITC is expected to come into effect early in 2017.