Saskatchewan has launched it's Saskatchewan Chemical Fertilizer Incentive (SCFI) program beginning today, to help attract new capital investments in large-scale production facilities within the province.
The SCFI program is set up as a non-refundable, non-transferable 15 per cent tax credit on expenditures valued at $10 million or more, used for new construction or expansion of chemical fertilizer production facilities.
Trade and export development minister Jeremy Harrison hopes that the introduction of the tax incentive will encourage new investments in the sector and help boost the province’s economic growth, as highlighted in the provincial government’s Growth Plan. The SCFI is also expected to create new construction and operational jobs within the province.
“This new Saskatchewan Chemical Fertilizer Incentive makes our strong investment environment even more attractive,” said Harrison, in a press release.
“Our province has what the world wants in food, fuel and fertilizer,” Harrison continued. “This new program will build on Saskatchewan’s already world-class agriculture and fertilizer sectors, helping to diversify and strengthen those industries, our exports, and grow the larger economy right here at home.”
The new program is retroactively effective to accommodate projects that have already begun, meaning that any new projects from Nov. 1, 2017 and onwards are eligible to apply. Applications for conditional approval are due before Dec. 31, 2026.
