Ap­pli­ca­tions be­ing ac­cepted for sask. Value-added agri­cul­ture in­cen­tive

Moose Jaw Express.com - - Coming Events -

The Gov­ern­ment of Saskatchewan is now ac­cept­ing ap­pli­ca­tions for the Saskatchewan Value-Added Agri­cul­ture In­cen­tive (SVAI).

The SVAI aims to im­prove in­vest­ment at­trac­tion and re­ten­tion out­comes in the value-added agri­cul­ture sec­tor. It of­fers a non-re­fund­able, non-trans­fer­able 15 per cent tax credit on cap­i­tal costs for newly-con­structed or ex­panded value-added agri­cul­ture fa­cil­i­ties. “There is an in­creas­ing global de­mand for food, fer­til­izer and fuel, and Saskatchewan is well-po­si­tioned to be a global ex­port leader in those sec­tors,” Trade and Ex­port De­vel­op­ment Min­is­ter Jeremy Har­ri­son said. “This ini­tia­tive sup­ports ru­ral growth, pro­vides out­lets for lo­cally-pro­duced crops, and cre­ates more op­por­tu­ni­ties to at­tract en­trepreneurial tal­ent and for­eign in­vest­ment.”

Projects that qual­ify for SVAI in­clude new and ex­ist­ing value-added agri­cul­tural fa­cil­i­ties with $10 mil­lion in new cap­i­tal ex­pen­di­tures. To be el­i­gi­ble, projects must demon­strate that cap­i­tal ex­pen­di­tures were made to cre­ate new pro­duc­tion or to in­crease ex­ist­ing pro­duc­tion. The ben­e­fit re­demp­tion is lim­ited to 20 per cent in year one af­ter the fa­cil­ity en­ters op­er­a­tion, 30 per cent in year two and 50 per cent in year three. Value-added agri­cul­ture refers to trans­form­ing or up­grad­ing raw or pri­mary agri­cul­tural prod­ucts, agri­cul­tural by-prod­ucts or waste into a new prod­uct. Ex­am­ples in­clude pea pro­tein pro­ces­sors, oat milling op­er­a­tions, malt pro­duc­ing op­er­a­tions, cannabis oil fa­cil­i­ties and more.

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