The Saskatchewan government has announced enhanced tax incentives to expand the farm economy.
Agriculture minister David Marit says the value-added agriculture incentive tax rebate and increases in the technology start-up incentive tax credit are aimed at attracting major investment to Saskatchewan.
The value-added incentive tax rebate is increased from 15 to 30 percent for the portion of a project between 450 to 600 million dollars in value, and from 15 percent to 40 percent on the portion of the project that is more than 600 million dollars in value.
The dollar tax value relief is capped at 250 million dollars
The start-up tax credit cap is being increased from 2.5 million to 3.5 million dollars.
It provides a 45 percent tax credit to Saskatchewan investors who invest in eligible technology start-up businesses.
Marit says the tax incentives seem to be working.
He pointed to recent multi-million dollar farm processing projects announced in recent months for Saskatchewan by Cargill, Richardson, Viterra, AGT Foods, Federated Co-op and Red Leaf Pulp.
The start-up technology incentive has also attracted 45 million dollars in investment since 2018 with 48 early-stage companies.