Bill 209 - An Act respecting the Saskatchewan Chemical Fertilizer Incentive Proclaimed in Force 

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29.09.20 02:09 PM Comment(s)

Written by: Heather Donaldson

The Saskatchewan Chemical Fertilizer Incentive (SCFI) Act was proclaimed in force this summer.  The SCFI fulfills the commitment in the SaskFirst Growth Plan. It is a new growth tax incentive intended to help attract new capital investments in large-scale chemical fertilizer production facilities in Saskatchewan. The SCFI will also create new construction and operational jobs within the province. It is designed to diversify and strengthen farming and fertilizer sectors, expand exports, and the economy. 


The SCFI is a non-refundable, non-transferrable 15% tax credit on capital expenditures valued at $10 million or more. It is for newly constructed or expanded eligible chemical fertilizer production facilities in Saskatchewan. Companies apply the benefit against corporate income tax (CIT) owing and can claim the benefit over a three- to 10-year period once the new or expanded facility is brought into operation. 


 “Our province has what the world wants in food, fuel and fertilizer,” Trade and Export Development Minister Jeremy Harrison said. “This new program will build on Saskatchewan’s already world-class agriculture and fertilizer sectors, helping to diversify and strengthen those industries, our exports, and grow the larger economy right here at home.” 


For more information on the SCFI, visit saskatchewan.ca/chemical-fertilizer-incentive 

 


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