The NDP announced an increase in the Equity Tax Credit yesterday they say will help small and large businesses.
The rate will increase from 30 to 35 per cent of the value of eligible investments. The change comes into effect Jan 1. The maximum annual claim will also jump from $15,000 to $17,500.
Finance Minister Graham Steele said in a release the rate increase is expected to provide $1 million in new incentives for investments in Nova Scotian enterprises.
People who invest in Nova Scotian small businesses, co-operatives and community economic development initiatives are eligible for the Equity Tax Credit.
Receipts are issued by the department of finance and must be submitted with an individual’s T1 Income Tax return. The credit will be extended to December 31, 2011.