Alberta 2016 Budget Highlights
Jobs, Investment and Diversification
Economic Development and Trade is leading implementation of the new jobs, investment and diversification package. Over two years, this $250 million package will provide:
- $90 Million for a new Alberta Investor Tax Credit that will provide investors a tax credit for investing in eligible small and medium enterprises in Alberta.
- $75 Million for a new Capital Investment Tax Credit that will provide a tax credit supporting the first time acquisition of new and used property in value-added agriculture, manufacturing and processing, tourism infrastructure and culture industries.
- $25 Million for the Alberta Enterprise Corporation. This will be invested by the Corporation in early stage as well as clean technology focused venture capital to spur innovation and help grow companies and increase employment in this sector. This is in addition to the $50 million included in Budget 2015 for investments by the Corporation.
- $25 Million for attracting and supporting new businesses. This includes:
- $10 million in support to entrepreneurs and small or medium-sized enterprises commercialization efforts
- $10 million to expand the Agrivalue Processing Business Incubator in Leduc
- $5 million to attract major new business investment or company headquarters to Alberta.
- $25 million for apprenticeship and training. This includes:
- $15 million program to support apprenticeship focused training opportunities
- $10 million to provide occupationally focused training opportunities.
- $10 million to support regional economic development initiatives that drive investment, business growth, job creation and diversification throughout Alberta.
Climate Leadership Plan
This will provide $9.6 billion over the first five years of the Plan to be used to fund investments to further reduce emissions and help households, businesses and communities adjust to the new carbon price.
Energy Efficiency: Through a new agency, Energy Efficiency Alberta, $45 Million will be invested in 2016-17 to help households, businesses and communities reduce their energy consumption and greenhouse gas emissions. EEA will provide education and outreach, energy audits and incentives to encourage energy efficiency and community energy systems.
Green Infrastructure: Support will be provided to municipalities for public transit and other green infrastructure. There will be $2.2 Billion budgeted over five years for green infrastructure.
Agriculture & Forestry: $103 Million for industry development to support ongoing efforts to expand existing and open new markets for Alberta’s agricultural products, $48 Million to ensure food safety and animal health.
Labour: Budget 2016 keeps the commitment to reintroduce the Summer Temporary Employment Program (STEP), with $10 Million per year.
Municipal Affairs: $1.2 Billion to municipalities through the Municipal Sustainability Initiative, including $360 Million in basic municipal transportation grants.
Transportation: $255 Million in capital grants to municipalities for programs including GreenTRIP, Municipal Water Wastewater Program and Water for Life.
Energy & Petrochemical Industries
The Petrochemical Diversification Program (PDP) will encourage investment in Alberta’s petrochemical industry. It will include up to $500M in royalty credits for petrochemical projects, specifically methane and propane upgrading facilities.