Leveraging Investments in Green Technologies, Manufacturing and Innovation
Press Release
April 8, 2022
The Honourable Siobhan Coady, Deputy Premier and Minister of Finance, and the Honourable Andrew Parsons, Minister of Industry, Energy and Technology, today highlighted Budget 2022 investments that encourage growth, development and diversification of our economy, including a new tax credit for investments in green technologies.
Budget 2022 includes:
- A new 20 per cent green technology tax credit for Canadian-controlled private corporations that invest in equipment for energy conservation and clean energy generation, use fuels from waste, or make efficient use of fossil fuels. The maximum credit is $1 million annually, of which up to 40 per cent is refundable.
- A new 10 per cent manufacturing and processing investment tax credit for the manufacturing, fishery, farming and forestry sectors to stimulate capital investment, which supports local competitiveness, productivity, exports, employment and the transition to net zero. This credit will be up to 40 per cent refundable for Canadian-controlled private corporations.
- Approximately $35 million to support economic development initiatives including research and development, commercialization, investment attraction, regional development and business growth activities.
- $567 million for infrastructure projects, which will help create 3,200 jobs and $390 million in economic activity.
- $20 million in new investments to support the hospitality, tourism, arts and cultural industries.
Quotes
“The new Budget 2022 tax credits – focusing on investments in green technology and manufacturing and processing – complement other investments your government has made to ensure a stronger and greener economy.”
Honourable Siobhan Coady
Deputy Premier and Minister of Finance
“Encouraging growth, development and diversification of our economy is important to our province’s future. These initiatives from Budget 2022 will support economic development in all regions throughout the province and encourage investment and business growth.”
Honourable Andrew Parsons
Minister of Industry, Energy and Technology
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Learn more
Budget 2022
Manufacturing and Processing Investment Tax Credit
Economic Growth, Green Economy and Climate Change
Media Contacts
Diana Quinton
Finance
709-729-2477, 697-1566
dianaquinton@gov.nl.ca
Eric Humber
Industry, Energy and Technology
709-729-5777, 725-9655
erichumber@gov.nl.ca
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