In order to get a payroll rebate of 10 to 15 percent companies must have at east 20 jobs at $50,000 a year with a three year commitment to stay in NL.
Industry Minister Andrew Parsons says we need to remain competitive when it comes to encouraging investment into economic development. Yesterday, the Minister outlined details of a new Job Accelerator and Growth program. He says these incentives will entice new businesses here. “We’re offering this as an incentive to set up business here and you will get a payroll rebate of 10 to 15 percent,” he says. “It has to be at least 20 jobs at $50,000 a year with a three year commitment to stay in NL.” Minister Parsons says this is just one way of helping businesses with expansion plans. “That could be a significant amount of money that can be used to defray the cost of hiring someone,” he says. “We see it as a great return because there’s taxation, GDP growth, any job that’s created here is a benefit to the province. Minister Parsons says this incentive is the best in all of Atlantic Canada. The program will get $10 million dollars spread out over the next five years.
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