Finance Minister Announces Details of Increase in Rate of Equity Tax Credit
Department of Finance
September 16, 2009 12:53 PM
Finance Minister Graham Steele, today, Sept. 16, announced the details of a commitment to increase the Equity Tax Credit to help small and large businesses in communities throughout Nova Scotia.
The rate will be increase to 35 per cent of the value of eligible investments, from 30 per cent, starting Jan. 1. The maximum annual claim will rise to $17,500 from $15,000.
"Boosting the Equity Tax Credit meets our commitment to promote investment in our communities," said Mr. Steele. "The higher rate is expected to provide over $1 million in new incentives to support investments by Nova Scotians in local enterprises."
Boosting the equity tax credit is one element of government's plan to support jobs that Nova Scotia's economy needs, the minister added.
The Equity Tax Credit is offered to individuals who invest in Nova Scotian small businesses, co-operatives, and community economic development initiatives.
Since its introduction in 1994, about $160 million has been invested in Nova Scotia enterprises through the Equity Tax Credit. The credit is projected to provide an incentive of $6.8 million in 2009 to support investments in communities. With a higher credit rate, the incentive is expected to rise to $7.9 million in 2010.
With the increase, an investor will receive a tax credit of 35 per cent of the investment made to a maximum annual investment amount of $50,000. The credit that can be claimed in a single taxation year cannot exceed $17,500.
Receipts are issued by the Department of Finance and must be submitted with an individual's T1 Income Tax return for the tax year.
The Equity Tax Credit will be extended to December 31, 2011.
FOR BROADCAST USE:
Finance Minister Graham Steele announced today (September
16th), the details of a commitment to increase the Equity Tax
Credit to help small and large businesses in communities
throughout Nova Scotia.
The rate will be increase to 35 per cent of the value of
eligible investments, from 30 per cent, starting January 1, 2010.
The maximum annual claim will be raised to $17,500 from $15,000.
Mr. Steele says the higher tax credit rate is expected
to provide over $1 million in new incentives to support
investments by Nova Scotians in local enterprises.
He says boosting the equity tax credit is one element of
government's plan to support jobs that Nova Scotia's economy
needs.
The Equity Tax Credit offers a tax credit to people who
invest in Nova Scotian small businesses, co-operatives, and
community economic development initiatives.
-30-
Media Contact: Julie Lawrence
Department of Finance
902-424-0984
E-mail: lawrenjk@gov.ns.ca
Finance Minister Graham Steele, today, Sept. 16, announced the details of a commitment to increase the Equity Tax Credit to help small and large businesses in communities throughout Nova Scotia.
The rate will be increase to 35 per cent of the value of eligible investments, from 30 per cent, starting Jan. 1. The maximum annual claim will rise to $17,500 from $15,000.
"Boosting the Equity Tax Credit meets our commitment to promote investment in our communities," said Mr. Steele. "The higher rate is expected to provide over $1 million in new incentives to support investments by Nova Scotians in local enterprises."
Boosting the equity tax credit is one element of government's plan to support jobs that Nova Scotia's economy needs, the minister added.
The Equity Tax Credit is offered to individuals who invest in Nova Scotian small businesses, co-operatives, and community economic development initiatives.
Since its introduction in 1994, about $160 million has been invested in Nova Scotia enterprises through the Equity Tax Credit. The credit is projected to provide an incentive of $6.8 million in 2009 to support investments in communities. With a higher credit rate, the incentive is expected to rise to $7.9 million in 2010.
With the increase, an investor will receive a tax credit of 35 per cent of the investment made to a maximum annual investment amount of $50,000. The credit that can be claimed in a single taxation year cannot exceed $17,500.
Receipts are issued by the Department of Finance and must be submitted with an individual's T1 Income Tax return for the tax year.
The Equity Tax Credit will be extended to December 31, 2011.
FOR BROADCAST USE:
Finance Minister Graham Steele announced today (September
16th), the details of a commitment to increase the Equity Tax
Credit to help small and large businesses in communities
throughout Nova Scotia.
The rate will be increase to 35 per cent of the value of
eligible investments, from 30 per cent, starting January 1, 2010.
The maximum annual claim will be raised to $17,500 from $15,000.
Mr. Steele says the higher tax credit rate is expected
to provide over $1 million in new incentives to support
investments by Nova Scotians in local enterprises.
He says boosting the equity tax credit is one element of
government's plan to support jobs that Nova Scotia's economy
needs.
The Equity Tax Credit offers a tax credit to people who
invest in Nova Scotian small businesses, co-operatives, and
community economic development initiatives.
-30-
Media Contact: Julie Lawrence
Department of Finance
902-424-0984
E-mail: lawrenjk@gov.ns.ca