Tuesday, June 25, 2024

Alberta Government Announces New Small Business Tax Credit

A tax credit for investments in small Alberta businesses would support up to 4,400 new jobs over three years and contribute up to $500 million to the province’s GDP.

As part of the Alberta Jobs Plan, legislation to create the Alberta Investor Tax Credit (AITC) will be introduced during the fall sitting of the legislature. It will offer a 30 per cent tax credit for investments in Alberta small business made between April 14 of this year and December 31, 2019.

The AITC would have a budget of $90 million over three years and would be provided on a first-come, first-served basis.

The tax credit would be available for investments in companies that are substantially engaged in proprietary technology research, development or commercialization; interactive digital media development; video post-production; digital animation; or tourism.

The registration process for the tax credit will be announced pending the passage of accompanying legislation this fall.

Read the media release in full here.