The Liberal government in New Brunswick announced a number of incentives this week it hopes will bring life back to…
The Liberal government in New Brunswick announced a number of incentives this week it hopes will bring life back to the province’s forestry sector.
In addition to tax cuts announced in the 2009-2010 provincial budget on Tuesday, an investment tax credit available for one year aims to help businesses in the forestry industry looking to modernize their manufacturing and processing facilities. Those eligible for this Forestry Industry Investment Tax Credit will be entitled to a rebate of up to 50% off the capital investment made in new qualifying equipment, and up to 50% off provincial property taxes paid.
A Government of New Brunswick press release stated the province has also extended the tax credit for high energy users until March 31, 2010. The credit, which is available to pulp and paper mills, aims to offset energy costs and provide about $5 million in assistance to qualified businesses.
In an article in the Telegraph-Journal, New Brunswick premier Shawn Graham said the aim of the incentives is to modernize the forestry sector and help communities that rely on the industry.
“We need to get out in front of the problem and deal with crisis of the forestry industry,” Graham was quoted as saying.
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