The first two rounds of the government of Alberta’s Capital Investment Tax Credit (CITC) saw per capita private-sector investment in the province rise to more than twice the national average.
The third intake of the CITC supports 21 projects, including a new gas remediation facility, wood fibre pellet plant, chemical cleaner facility and a noodle facility. Other projects include upgrades at a robotic storage system manufacturer, pulp mill, frozen food facility, medical research facility, metal manufacturer and a fishing resort.
“Alberta is open for business. Our Capital Investment Tax Credit is about creating thousands of good jobs and keeping our economy growing. Together with business leaders, we are building on our strengths in energy, petrochemicals, agri-business, forestry, life sciences and tourism, creating a stronger, more diversified Alberta.”
~Rachel Notley, Premier
“We’re proud of the momentum we’ve created with three rounds of tax credits for businesses across the province, supporting more than 3,000 jobs and more than $2 billion in investment. Programs like the Capital Investment Tax Credit are helping to spur growth across the province, with per capita private-sector investment in Alberta rising to more than twice the national average last year.”
~Deron Bilous, Minister of Economic Development and Trade
NOVA Chemicals’ $270-million ethylene furnace refurbishment project in Joffre is one of the CITC’s third-round recipients. The project will support more than 200 construction jobs at its peak and improve the facility’s production, while reducing emissions.
“With support from the CITC, we are upgrading our facility with new technology that makes everyday life healthier, easier and safer. This means we can continue providing good jobs for more than a thousand people in central Alberta, with hundreds of millions of dollars contributed to the local economy, while enhancing environmental performance.”
~Naushad Jamani, senior vice-president, NOVA Chemicals
The CITC helps Alberta companies take on new construction projects by returning up to 10 per cent of the costs of new machinery, equipment or buildings to a maximum of $5 million. Businesses can claim the credit once the assets they purchased are in use.
Budget 2018 expanded the CITC to 2021-22 with an annual budget of $30 million.