Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of a payroll rebate for Monkedia LLC.
Monkedia has created a technology that helps clients improve their digital advertising campaigns by pairing machine learning, artificial intelligence and creative strategies. The company is expanding its satellite office in Dartmouth.
Monkedia has the potential to create up to 50 jobs under the five-year payroll rebate agreement. Based on the maximum growth forecast of the agreement, NSBI estimates the company could spend $9,360,000 in salaries.
It is also estimated the new employees would contribute provincial tax revenues of $1,074,000 through their income and consumption taxes. As a result, the company would earn a rebate up to $610,350 over five years.
Monkedia would be eligible for a smaller rebate if it creates fewer than 50 new jobs.
- 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 of 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 the 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 Fund
Information on NSBI transactions can be found at www.novascotiabusiness.com/fundingdisclosures .