The province of Nova Scotia has launched a new investment credit program to help strengthen the competitiveness of the manufacturing and processing markets and to also boost the province’s economy.
The investment credit program offers businesses a 10 per cent credit to improve their operations so they may be more competitive and sustainable.
Percy Paris, economic and rural development minister, said the investment program shows the province’s support in a weakened economy.
“Nova Scotia businesses are facing critical changes and an increasingly competitive environment,” Paris said. “At a time when the economy needs stimulation, this investment is a strong signal of support to this sector.”
The credit will help businesses offset the costs associated with purchasing new technology, machinery and equipment.
The program is overseen by the Department of Economic and Rural Development and will reimburse companies who invest $50,000 or more in a project for 10 per cent of the costs, to a maximum of $1 million.
The credit is eligible for investments that were made after January 1 this year. The budget s $4.5 million for this fiscal year and in 2011 – 2012, the investment credit program will have a budget of $25 million for the year.
