Ontario businesses would save $4.5 billion over three years under sweeping corporate tax cuts meant to bolster the province’s struggling manufacturing industry and other sectors, Finance Minister Dwight Duncan said Thursday.

The provincial budget will see Ontario cut its corporate income tax rate from the current 14 per cent to 12 per cent by July 1, 2010, then to 10 per cent in 2013.

The small business tax rate will fall from 5.5 per cent to 4.5 per cent by July of next year.