Alberta Government Releases 2017 Budget
On March 16, 2017, Finance Minister Joe Ceci tabled the government's 2017 Budget. Budget items of interest to the province's life sciences sector include:
- $71 million to support job creators with two tax credits and to encourage investors to support eligible small and medium-sized enterprises in Alberta, and encourage businesses to make capital investments. The two credits are:
- The Alberta Investor Tax Credit (AITC), a 3-year program offering a 30% tax credit to investors who
provide capital to Alberta small businesses doing research, development
or commercialization of new technology, new products or new processes.
- The Capital Investment Tax Credit (CITC), a 2-year program that provides a non-refundable tax credit valued at 10% of a corporation’s eligible capital expenditures, up to $5 million. The CITC encourages companies to make timely capital investments by returning a percentage of the company’s costs, including the purchase of machinery, equipment and buildings.