NS government launches $10M forestry innovation rebate program
The Nova Scotia government is hoping to tempt the province’s forestry companies to invest in their operations with a new $10-million, two-year forestry innovation rebate program.
The program applies to capital projects between $1 million and $15 million, and allows companies to receive a 25 per cent rebate, up to $3.75 million.
The province’s forestry transition team has endorsed the new program, according to a government news release. The $10 million for the program is in addition to the $50-million forestry transition trust the government announced last week.
“Forestry has been a cornerstone of our rural economy for generations and we want to see it continue in a strong and sustainable way,” Premier Stephen McNeil said in a news release. “That’s why we are working with industry to develop short-term supports to help through this transition period, and it’s why we are creating new options for businesses that have innovative projects ready to move forward.”
Eligible projects include:
- improved production processes or by-product stream processing
- establishing new forestry sector production facilities that strengthen regional economies
- diversification of product range and value-added products
- production capacity to enter new markets and/or for new products
- identifying new uses and new markets for wood fibre and projects that enhance exports
The program is administered by Nova Scotia Business Inc (NSBI), and is based off the Innovation Rebate Program that funds Nova Scotia businesses looking to increase their global competitiveness.
“NSBI will work with our partners so that businesses in the forestry sector of Nova Scotia look for new and better ways to do valued things and then export that to the world,” Laurel Broten, president and CEO of NSBI, said in the release. “The Forestry Innovation Rebate Program will support the evolution of the forestry sector as it adjusts to ongoing structural changes. This tool will assist existing Nova Scotian companies and inbound investment with capital projects to improve production processes, establish new sector facilities in our regions and diversify into new products for sale in markets in Nova Scotia and beyond.”