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Government introduces investor tax credit

Last Updated Sep 30, 2016 at 7:38 am MDT

(Ian Campbell - 660 NEWS)

Tax relief is being introduced for investors and small business in the province.

Economic Development Minister Deron Bilous was in Calgary to announce the creation of the Alberta investor tax credit that will be introduced at the legislature this fall.

Once it passes in the legislature – it’ll offer a 30 per cent tax credit for investments being made between April 14th of this year right up until the end of 2019.

Bilous says they made the call after conducting several consultations and looking at other jurisdictions.

“Small businesses in Alberta have a bigger economic impact than small businesses anywhere else in Canada. They make up 35 per cent of all jobs in Alberta and help hundreds of thousands of people across the province earn a good living.”

It’ll have a budget of $90 million and it’ll be doled out on a first come first served basis.

Bilous says the goal is to encourage Albertans thinking of making an investment to free up that capital and encourage growth.

“We know this will provide a strong incentive for Alberta venture capitalists and investors to boost access to capital when and where small businesses need it most.”

It’ll be available for such industries as technology research, development, digital media and tourism.