The Government of Alberta has announced a new Agri-processing Investment Tax Credit (AITC) to promote investment in the province's agriculture and agri-processing sectors. The AITC will provide a 12% non-refundable tax credit to corporations that invest $10 million or more on eligible capital expenditures to build or expand agri-processing facilities in Alberta.
New tax incentive coming this spring
Applications for the AITC open in the spring of 2023. Capital investments made on or after February 7, 2023, will be considered when calculating this year's total tax credit. Further details on eligibility criteria are currently being developed and will be posted on the Government of Alberta's AITC webpage.
Another tool to grow Alberta's agriculture sector
The AITC builds on the suite of investment incentives and resources developed under the province's three-pillar Agri-food Investment and Growth Strategy, which is designed to:
- Invest in value-added agricultural processing capacity;
- Increase agri-food exports; and
- Expand irrigation.
Alberta's agri-food industry has attracted $1.5 billion in investment since April 2019, according to the province. The AITC provides further incentive to invest in Alberta's agri-processing sector and an opportunity for agri-processors to expand their operations and modernize their facilities.
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