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Business applauds creation of investor tax credit in provincial budget
CALGARY - Businesses across Alberta are encouraged with announcements in today's provincial budget: Alberta's first Investor Tax Credit, a 1°/0 reduction in the small business tax, and a package of supports for innovation are positive developments for the job creators of this province.
"The single most important thing this government needed to do to help business grow and hire more people, was to create an incentive for Albertans to invest in small and medium businesses. The government did this today with the Alberta Investor Tax Credit," says Justin Smith Director of Policy and Research for the Calgary Chamber of Commerce.
"This is a substantial measure that the Chamber has been working on for months with the provincial government, which has been proven to be able to inject hundreds of thousands of dollars into individual businesses. That's real money to help them grow, purchase equipment or stock and hire more people," said Smith.
Despite many positives, the largest area of concern in this budget for is the size of the deficit - the largest in Alberta's history - and the Chamber would like to see a more robust plan for a path back to financial balance.
The introduction of an Investor Tax Credit is one of the most effective policy measures our province can take to strengthen Alberta's economic prospects moving forward. By providing a targeted tax incentive to investors in growth-oriented small and medium-sized businesses, this program will help improve the productive capacity of Alberta's economy, get private capital off the sidelines, provide promising businesses with the working capital they need to grow, and create good-paying jobs for Albertans across the province.
"Business, especially small and medium business in this environment, are the job creators, and this unshackles them to do more of this" added Adam Legge, President and CEO of the Calgary Chamber of Commerce.