Backgrounder - Budget 2013 Investments for Economic Growth
and Strong Communities
Budget 2013: A Sound Plan, A Secure Future furthers the economic agenda of the Dunderdale Government by allocating over $200 million in investments.
Business and Regional Development
Budget 2013 is launching a renewed suite of business and regional
development programs by consolidating over 20 programs to two umbrella funds
to ensure resources are flexible and meet the needs of clients. Over $36
million will be available to support growth and innovation in the business
community through the Business Investment Fund. Over $11 million will be
available to support community and regional economic development efforts
through the Regional Development Fund.
In addition, $2.1 million is available for investment under the Workplace Skills Enhancement Program, which helps address labour market conditions and provides support tools for local businesses. It is funded through the Canada-Newfoundland and Labrador Labour Market Agreement and the Strategic Training and Transition Fund, expiring in March 2014.
Through Budget 2013, approximately $100 million will be invested in continuing tax credits and incentives for businesses. These include initiatives such as:
In addition, the current maximum Film and Video Tax Credit for an eligible project will increase to a maximum of $4 million, from the current $3 million, to encourage the continued development of the local film production industry. The refundable corporate income tax credit is provided to eligible local film projects at a rate of 40 per cent of eligible local labour costs, but may not exceed 25 per cent of production costs.
Investing in a Sustainable Seafood Industry
Budget 2013 contains numerous initiatives that support the viability of the
fishing and aquaculture industries, and focus on improvements in operational
efficiency and improved service delivery to clients:
Financial support for fisheries science and research includes $1.6 million to support the ongoing work of the Centre for Fisheries and Ecosystems Research in 2013; and, $450,000 for other fisheries research and cod recovery initiatives.
In addition, through Budget 2013, the Provincial Government will integrate the Aquaculture Strategic Development Program with other seafood development and marketing grants to form a new Seafood Development Program. This consolidated program will provide $600,000 in project funding to the fishing and aquaculture industries.
Resource Development
To facilitate resource development in Newfoundland and Labrador, strategic
investments will be made in the province’s oil and gas and mining
industries:
Budget 2013 continues the Provincial Government’s support toward the forestry and agriculture sectors. In forestry, government will provide $8.4 million for silviculture projects, $5.9 million to construct resource roads to access areas for timber harvesting, and $1.7 million for forest insect and disease control. Government remains committed to providing support to Corner Brook Pulp and Paper Ltd. to help address challenges in industry once sustainability plans are completed. In the agriculture and agrifoods sectors, Budget 2013 provides funding for Growing Forward 2, to support innovation, competitiveness and market development, adaptability and industry capacity.
Innovation
Investments in Budget 2013 include:
Tourism and Culture
Sound investments in tourism and cultural industries are growing the
provincial economy, creating employment, and celebrating Newfoundland and
Labrador’s unique identity. Budget 2013 will invest:
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Media contacts:
Diana Quinton Director of Communications Department of Innovation, Business and Rural Development 709-729-4570, 631-8155 dianaquinton@gov.nl.ca |
Heather Maclean Director of Communications Department of Natural Resources 709-729-5282, 697-4137 heathermaclean@gov.nl.ca |
Tansy Mundon Director of Communications Department of Finance 709-729-6830; 693-1865 tansymundon@gov.nl.ca |
Jason Card Director of Communications Department of Tourism, Culture and Recreation 709-729-0928, 699-0470 jasoncard@gov.nl.ca |
Bradley Power Director of Communications Department of Fisheries and Aquaculture 709-729-3733, 699-5707 BradleyPower@gov.nl.ca |
Melony O’Neill Director of Communications Department of Environment and Conservation 709-729-2575, 689-0928 moneill@gov.nl.ca |
2013 03 26 2:55 p.m.