Innovation Rebate Program Disclosures - 2019/20
Tuesday, May 21, 2019
The following Innovation Rebate Program incentives were announced during the fiscal year of 2019-20.
May 21, 2019
Nova Scotia Business Inc. (NSBI) approved a business development incentive in the form of an innovation rebate for Dartmouth Metals and Bottle Ltd.
The company recycles metals, including car shredding and the dismantling and recycling of large industrial demolition projects.
Dartmouth Metals and Bottle Ltd. is proceeding with a $2,386,451 capital investment to process large, oversized material into smaller, premium material for export and will help to increase efficiency and production levels.
The company is eligible to earn a maximum innovation rebate of $596,613 upon completion of its project, based on eligible capital spending of $2,386,451.
April 16, 2019
Nova Scotia Business Inc. (NSBI) has approved a business development incentive in the form of an innovation rebate for Kenney & Ross, Limited.
The Shelburne company manufactures kosher fish gelatin and collagen products. The products are exported worldwide to more than 30 countries and used for food, pharmaceuticals, supplements and other applications.
Kenney & Ross, Limited will proceed with a $2,547,537 capital investment to create a new packaging facility that will increase efficiency and production levels.
The company is eligible to earn a maximum innovation rebate of $636,884 upon completion of its project, based on eligible capital spending of $2,547,537.
- The Innovation Rebate Program was developed in consultation with Nova Scotia companies.
- The Innovation Rebate Program provides financial incentives on projects that enable a company to increase innovation capacity through private-sector capital investments or adoption of new technologies and business processes.
- The program provides a 25 per cent rebate based on eligible project costs, as defined in the Innovation Rebate Program Guidelines.
- The total project cost must be between $2 million and $15 million. The maximum amount of eligible project costs to which the IRP rebate will be applied is $15,000,000.
- The maximum rebate amount for an eligible project, including related parties, cannot exceed $3,750,000 over a 24-month period.
- The Innovation Rebate works as a rebate against a company’s direct costs, and is only paid once the project is complete.