30% Tax Credit Available for BC Small Business Venture Capital
by Bill Macaulay
In the 2012 BC Budget, the province added an additional $3 million to its $30 million program. Investors in an eligible business receive a 30% tax credit up to $60,000 per year.
Companies must be under two years old, have fewer than 100 employees, and more than half of their work must be in a qualifying activity. Qualifying activities include clean technology, interactive digital media, export manufacturing, destination tourism, regional community diversification or development of proprietary technology.
Currently, about 50% of the credits are in respect of IT companies, 25% to cleantech firms and 25% to life sciences and traditional industries.
To determine if you can take advantage of this program, or to learn more about other tax credits you may qualify for, contact your tax advisor.