The Ontario government is planning a new Ontario Made Manufacturing Investment Tax Credit to help local manufacturers grow, innovate, become more competitive and create jobs. With this move, the province is targeting additional investment in its economy.
As part of the upcoming 2023 Budget, the government is proposing legislation that would, if passed, create a new 10 percent refundable corporate income tax credit of up to $2 million a year for Canadian-controlled private corporations on qualifying investments in buildings, machinery and equipment for use in manufacturing or processing in the province.
“This new tax credit will give Ontario-based manufacturers another reason to invest in home grown, Ontario-made innovation and expand operations,” said Premier Doug Ford. “As we navigate global economic uncertainty, our government is working around the clock to ensure that we are creating the right conditions for Ontario’s world-class manufacturing sector to grow and create more jobs.”
The proposed Ontario Made Manufacturing Investment Tax Credit would, if passed, provide an estimated $780 million over the next three years in Ontario income tax support to qualifying businesses.
“Our government is continuing to bring back the province’s manufacturing sector by attracting key investments and creating and protecting jobs in communities across the province,” said Peter Bethlenfalvy, Minister of Finance. “The new Ontario Made Manufacturing Investment Tax Credit is just one part of our plan to build a strong economy for the future, today.”
Reposted from https://www.automationmag.com/ontarios-investment-tax-credit-manufacturers/