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By Erika Rolling

Agriculture

Alberta to give 12 per cent tax credit to agri-processing companies investing in province this spring

Feb 8, 2023 | 1:28 PM

The provincial government is attracting investment to the province through the agri-buisness processing industry.

In the Budget 2023 there will be a 12 per cent tax credit that’s non-refundable to grow investment in Alberta called the Alberta Agri-Processing Investment Tax Credit.

Only businesses will be eligible for the tax credit with a minimum capital investment of $10 million made in the province on the value-added agri-processing industry.

Agriculture and Irrigation Minister Nate Horner says the tax credit will attract large-scale agri-food projects that will help grow our industry, increase opportunities for primary producers, create jobs, and feed the world.

“This is a tool that’s going to get anybody’s attention that’s considering landing agri-processing investment anywhere in North America. So if that fits specifically for Grande Prairie and that area, it’ll just make it all the more likely.”

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Horner says for Grande Prairie, businesses could be coming to the region to expand operations or create new ones, having investment stay in the region and, create jobs to build a stronger local economy based off of existing agriculture.

“They are going to be building these businesses and facilities in your communities. They’re going to be hiring people not only for the construction phase but also in the entire operational phase, which could last 40 to 50 years. But more generally speaking, and at a higher level, this means that we are not putting raw commodities in train cars and shipping it away.”

The minister believes the tax credit will bring in 30 to 40 per cent incremental investment to Alberta and notes Budget 2023 will have “bold, aggressive targets” in the agriculture and irrigation ministry.

SEE MORE: New Alberta tax credit for agri-processing coming this spring