Released on November 13, 2008
Saskatchewan is now an even more attractive location for mineral exploration activity thanks to the reintroduction of the Saskatchewan Mineral Exploration Tax Credit program.
The provincial program offers a non-refundable 10 per cent tax credit to Saskatchewan taxpayers who invest in eligible flow-through shares issued by mining or exploration companies after April 1, 2008. The provincial credit follows the eligibility rules of the federal Investment Tax Credit for Exploration.
"Reintroduction of this program was an election promise of our government," Energy and Resources Minister Bill Boyd said. "This tax credit reflects our commitment to encouraging investment in exploration, and in long-term, sustainable development of our rich mineral resources.
"We expect mineral exploration spending in Saskatchewan to top $360 million in 2008. We want to keep that momentum going well into the future."
The program is estimated to cost $2 million annually. The credit had been introduced as a temporary measure by the previous government in 2000 and was discontinued in 2006.
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For more information, contact:
Bob Ellis
Energy and Resources
Regina
Phone: 306-787-1691
Email: robert.ellis@gov.sk.ca