Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of a payroll rebate for i3Vision Technologies Inc.
i3Vision Technologies, founded in 2007, specializes in contact center optimization technologies, providing expertise to design, implement, customize and integrate a wide variety of communications and best-of-breed, enterprise-wide systems, including Genesys and Salesforce.
By expanding its support operations in Yarmouth, the company has the potential to create up to a maximum of 80 jobs under the payroll rebate agreement. Based on the maximum growth forecast of the five-year payroll rebate agreement, NSBI estimates i3Vision Technologies could spend $12,600,000 in salaries.
It is estimated the new employees would contribute provincial tax revenues of $1,417,000 through their income and consumption taxes. As a result, i3Vision Technologies would earn a rebate of up to $1,018,200 over five years.
i3Vision Technologies would be eligible for a smaller rebate if it creates fewer than 80 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 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 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 Funds.
Information on NSBI transactions can be found at: http://www.novascotiabusiness.com/fundingdisclosures.