Nova Scotia Business Inc. (NSBI) has approved an amendment to the existing BeyondTrust business development incentive agreement, which was announced April 11, 2014.
With the amended agreement, the company is projected to create 60 more jobs in the province than its original end goal, bringing the total to 160. The amendment reflects the company’s workforce growth plans, and the agreed-upon increase in projected average salaries for the new positions. Based on the maximum growth forecast, NSBI estimates BeyondTrust would spend about $47.6 million in salaries over the length of the agreement.
The new employees would contribute estimated provincial tax revenues of about $5.8 million through income and consumption taxes. As a result, BeyondTrust is qualified to earn up to $3,825,528 through the payroll rebate.
BeyondTrust would be eligible for a smaller rebate if it creates fewer than 160 jobs.
To learn more about BeyondTrust, go to www.nsbi.ca/articles.
Quick facts about payroll rebates:
— payroll rebates are designed in a way that the tax revenue generated for the province by the new jobs in Nova Scotia is always more than the amount spent on the rebate
— payroll rebates are only paid after a business has generated actual payroll for the Nova Scotia economy
— for every dollar a company spends on new jobs, it receives between five and 10 cents back
— when a company submits an annual rebate claim, it must send NSBI audited information that confirms the number of jobs it created that year
— payroll rebates are paid through the Strategic Investment Funds.
Information on NSBI transactions can be found at www.novascotiabusiness.com/fundingdisclosures.