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British Columbia boosts venture capital tax breaks
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The B.C. government will add an extra $3 million to its small business venture capital tax credit and set up an expert panel to review business taxes in B.C., Premier Christy Clark announced Wednesday.
The province currently budgets $30 million a year to provide tax credits to risk-taking investors who put money into qualifying ventures, Clark told a Surrey Board of Trade breakfast meeting.
"One of the things we know is that the majority of new jobs in any economy are created by new businesses," Clark said. "We’ll be expanding [the tax credit program] so more angel investors can get a 30 per cent refundable tax credit for eligible small businesses. And that means these job creators will get a leg up on capital, it means they’ll get a leg up on hiring and on receiving the strategic advice that they need from experienced investors in the marketplace."
By Tom Fletcher – BC Local News
Full Story: http://www.bclocalnews.com/bc_cariboo/100milefreepress/business/130281428.html
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