New legislation, introduced today, Oct. 22, positions the private sector to lead and drive economic growth, and increases accountability for results.
A tax incentive and rebate program for businesses will encourage more capital investment that supports economic growth, increases exports and creates jobs.
The Act to Improve Economic Development in Nova Scotia also defines new roles and responsibilities, and increases accountability, for the province's economic development agencies. The Film Industry and Digital Media Tax Credits are also being extended until 2020, meeting a government commitment.
Economic and Rural Development and Tourism Minister Michel Samson said a new Capital Investment Tax Credit will give businesses which invest more than $15 million a 15 per cent tax incentive. The credit will be available Jan. 1.
"This tax credit will make Nova Scotia more attractive for manufacturers and processors to invest," Mr. Samson said. "This could attract new business to Nova Scotia and will help existing businesses grow, export more, and create more jobs."
The independent Invest Nova Scotia Board will review applications to ensure projects advance provincial economic development priorities. The tax credit is being aligned with the federal Atlantic Investment Tax Credit, valued at 10 per cent, a program already known to business that has clear criteria.