The Alberta government has put some meat on the bones of the Alberta Investor Tax Credit.
Economic Development Minister Deron Bilous says the tax credit introduced in last week’s budget will encourage investment in the small- and medium-sized business in non-traditional sectors to create new jobs and diversify the Alberta Economy. Bilous says the government will offer a 30% tax credit to investors willing to put money into areas such as information technology, clean technology, health technology and various components of the interactive digital media sector. The minister says “In challenging times, more people look to start or grow their own business, and the government is taking action” to provide the capital needed to succeed.
The tax credit which will provide $90-million over two years beginning in January gets thumbs up from the from the Calgary Chamber of Commerce. Chamber President and CEO Adam Legge says the government is showing leadership by providing Alberta’s first investor tax credit to help equity capital flow to Alberta small businesses. Legge says, “Especially during this challenging economic period, this program will have real results, helping to create jobs and grow local Alberta companies.”