Alberta’s meals manufacturing gross sales hit a report $20.1 billion in 2021. Now a transfer by the provincial authorities hopes to push that quantity even larger.
“We’re right here to ship a transparent message to potential traders throughout North America and the world. We heard from Alberta’s producers and processors that we have to do extra to assist develop our province’s agricultural processing business,” stated Nate Horner, Minister of Agriculture and Irrigation.
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The Alberta Agri-Processing Funding Tax Credit score will give a 12 per cent non-refundable tax credit score to firms that make a minimal capital funding of $10 million or extra to construct or develop agri-processing amenities in Alberta.
Horner stated the small print of the tax credit score are nonetheless being ironed out, however believes it is going to profit all points aside from the agricultural sector.
“In case you assume that something that takes a uncooked agricultural commodity and modifications it and provides worth ultimately, it matches the mannequin,” Horner added.
Horner stated the objective is to draw much more enterprise to the province: “It is for brand new funding – it might imply enlargement of present amenities, however that is the intention, it is for brand new funding.”
In 2021, the meals sector was the biggest manufacturing business within the province.
Finance Minister Travis Toews stated the success within the agriculture sector performed a task final week as Alberta noticed its credit standing enhance.
“Simply over per week in the past, Moody’s Investor Service upgraded Alberta’s credit standing and Alberta’s sturdy economic system is without doubt one of the elements that influenced that ranking change, excellent news, excellent news for all Albertans,” Toews added.
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The province stated world demand for meals is anticipated to extend by as much as 56 per cent in 2050 and this new tax credit score will guarantee Alberta is positioned to develop the economic system and assist feed the world.
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