June 27, 2016
Province Introduces Proposed Budget Implementation Bill
– – –Proposed Legislation Designed to Keep Province on Course to Lower Taxes, Offer Better Services, Build Stronger Economy: Ministers
Growth, Enterprise and Trade Minister Cliff Cullen and Finance Minister Cameron Friesen today visited Sisler High School, an innovator in technology education located in Winnipeg’s north end, to highlight provisions included in the proposed budget implementation and tax statutes amendment legislation that would strengthen the interactive digital media tax credit.
“Projects like this one at Sisler High School expose students to the professional aspects of a career in interactive digital media,” said Cullen. “Changes to the interactive digital media tax credit would help us build a stronger economy that would create opportunities for Manitobans to prosper and allow our province to compete on a global scale.”
The proposed legislation includes provisions that would strengthen the interactive digital media tax credit by eliminating the two year limit for eligible projects and the $500,000 maximum tax credit per eligible project.
In addition to the existing 40 per cent credit rate for an eligible corporation that pays at least 25 per cent of its wages to Manitoba employees, a 35 per cent credit rate would also be added for an eligible corporation that pays less than 25 per cent of its wages to Manitoba employees, but pays at least $1 million over a given tax year for eligible work performed by Manitobans on eligible projects, Cullen noted.
Sisler High School partners with industry experts to deliver an interactive digital media vocational program. Graduates learn all aspects of the profession and are equipped for entry-level employment in the industry, learning the entrepreneurial skills needed to pursue self-employment.
The budget implementation and tax statutes amendment legislation, which was introduced June 15, would implement the provisions of Budget 2016, Friesen said.
“We are making changes to correct the course and ensure Manitobans get better services while paying lower taxes,” said Friesen. “Budget 2016 will lead to lower taxes, better services and a stronger economy. Our government is committed to implementing changes that will put Manitoba back on track to a brighter and more prosperous future.”
Otherprovisions included in the budget for income tax-related measures and tax credit adjustments include:
- annually indexing personal income tax brackets and the basic personal amount, starting in 2017;
- maintaining the $470 cap on the Seniors’ School Tax Rebate;
- expanding the green energy equipment tax credit; and
- extending the Small Business Venture Capital Tax Credit to the end of 2019.
Friesen noted the province will introduce proposed amendments to the Retail Sales Tax Act that would include clarifying business registration requirements and expanding the exemption for exhibits acquired by a museum or art gallery. He added proposed amendments will be introduces to the Tax Administration and Miscellaneous Taxes Act that would include changing tobacco possession offences to include people who arrange for others to bring unmarked tobacco into Manitoba.
In addition, the province has introduced proposed legislation that would amend the Election Financing Act by removing the annual allowance for registered political parties.
- 30 -