QUÉBEC, March 26, 2015 /CNW Telbec/ - There is no question that Québec's economic growth depends on strong, dynamic regions. The government's economic plan therefore includes meaningful action to stimulate the regional economies. "Québec was built on the dynamic nature and diversity of its regions and we need to make sure that they are equipped to flourish to the full extent possible," Minister of Finance Carlos Leitão stated.
Supporting investment in the regions
The Economic Plan provides for the continuation and extension of the investment tax credit for manufacturing and processing equipment in the regions. The tax credit was to end on December 31, 2017, but is being extended for five years.
"This support will give businesses the financial leverage needed to invest in diversification and infrastructure development projects that will support the expansion of their activities," the Minister said.
Support for Îles-de-la-Madeleine
The economic development of Îles-de-la-Madeleine represents a major challenge. In deploying the maritime strategy, the government will thus be supporting the development and diversification of the industrial fabric of the Gaspésie–Îles-de-la-Madeleine and other maritime regions of Québec. To that end, the Québec Economic Plan provides for, in particular:
- the extension, for five years, of the refundable tax credit for the Gaspésie and certain maritime regions of Québec, i.e., until December 31, 2020;
- entitlement to the tax credit for businesses in the recreo-tourism sector on Îles-de-la-Madeleine, starting in the 2015 calendar year.
Furthermore, to maintain a rail line in Gaspésie, the government will acquire the entire railway network from Matapédia to Gaspé. Assistance of almost $3 million will also be granted to operate and maintain the network.
Supporting municipal environmental programs
Recognizing the importance of supporting municipalities in their efforts to fight climate change and adapt to changes, thegovernment is:
- implementing a new program, ClimatSol-Plus, which will provide municipalities with $10 million in additional resources to continue rehabilitating contaminated sites within their territory;
- providing $8 million in assistance to municipalities along the St. Lawrence River that are facing coastal erosion.
"It goes without saying that the regions will also be able to benefit from numerous other measures under the Economic Plan, such as the measures under the maritime strategy, the aluminum industry development strategy and the Plan Nord," Mr. Leitão said in closing.
SOURCE Cabinet du ministre des Finances
For further information: Andrée-Lyne Hallé, Press Relations Officer, Office of the Minister of Finance, 418 643-5270