Innovation Rebate Program Disclosures - 2018/19
Wednesday, April 11, 2018
The following Innovation Rebate Program incentives were announced during the fiscal year of 2018-19.
April 11, 2018
Nova Scotia Business Inc. (NSBI) has approved an Innovation Rebate for A.F. Theriault & Son Ltd. The Innovation Rebate Program incents companies located in Nova Scotia undertaking capital investments to increase their competitiveness in global markets.
A.F. Theriault & Son Ltd. is Nova Scotia’s oldest and largest family-owned shipyard. The company is proceeding with a $6.65-million total capital investment to expand capacity by upgrading its marine railway, modifying its yard facilities, and purchasing new equipment all to help increase capacity and export sales from its facility in Meteghan River, Nova Scotia.
In particular, the company will expand its marine railways capacity to 1500 tonnes, up from its current 600 tonnes. This improvement opens new markets for A.F. Theriault to produce larger boats. As well, the company will be able to work on multiple projects at the same time.
A.F. Theriault & Son has been approved for a maximum rebate upon completion of its project of $1,536,877 based on eligible Nova Scotia capital spending of $6,650,000.
- The Innovation Rebate Program was developed in consultation with Nova Scotia companies.
- The Innovation Rebate Program provides financial incentives on projects that enable a company to increase innovation capacity through private-sector capital investments or adoption of new technologies and business processes.
- The program provides a 25 per cent rebate based on eligible project costs, as defined in the Innovation Rebate Program Guidelines.
- The total project cost must be between $2 million and $15 million. The maximum amount of eligible project costs to which the IRP rebate will be applied is $15,000,000.
- The maximum rebate amount for an eligible project, including related parties, cannot exceed $3,750,000 over a 24-month period.
- The Innovation Rebate works as a rebate against a company’s direct costs, and is only paid out once the project is complete.