Manufacturing and Processing Investment Tax Credit
no fixed amount
Tax Credit
Description:
Corporations that invest in capital property for use in qualified activities in Newfoundland and Labrador can claim a credit of 10% of the capital cost of eligible property to reduce Newfoundland and Labrador tax otherwise payable and in some cases may be refunded a portion of the credit.
Rolling Deadline
Eligibility:
Applicants must:
1. be corporations with a permanent establishment in Newfoundland and Labrador;
2. have all qualified property eligible for the Atlantic Investment Tax Credit that is:
a) located in Newfoundland and Labrador;
b) acquired for use in the course of a business operating in Newfoundland and Labrador;
c) Does not include Qualified Resource Property.
Application Steps:
For application details, applicants must contact Canada Revenue Agency at 1-800-959-5525.
Documentation Needed:
No specific documentation has been identified.
Other Things to Note:
1. The manufacturing and processing investment tax credit will be the applied to reduce provincial tax otherwise payable, or refunded on the corporation’s income tax return.
2. The Federal Government administers the Atlantic Investment Tax Credit.
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Maurice