Federal Government Provides Assistance to Oil & Gas Sector
Published on May 13, 2010
Federal tax credit provides the oil & gas industry a 35% claim opportunity on research and development. The Scientific Research and Experimental Development (SR& ED) program is a federal incentive opportunity targeted to national businesses, in all sectors, from small to large corporations. Designed to encourage research and development (R&D), the tax credit supports smart innovation, product and process advancement and new technologies. Recognizing that technology is assisting in creating a stable industry, the SR&ED investment tax credits can cover expenditures such as wages, materials, supplies, and some overhead costs.
“The S&ED Federal tax credit has been around for a while but many companies are not aware of this great program. Better still is that the Alberta government announced at the end of 2008 an additional SR&ED tax credit of 10%,” said Tracy Heebner, business development manager for the EDA. “This amount can be used over and above the Federal credit. This means savvy oil and gas companies investing in research and development in Alberta have the opportunity to save more. ”
An Industry impacted by a changing economic climate; companies are encouraged to take an innovational approach to create sustainability in the marketplace. The Economic Development Alliance of Southeast Alberta employs a knowledgeable Business Development Manager and Innovation Facilitator to assist in finding similar grants, loans, investors, tax credits and other programs to ensure that industry continues to grow and expand. To learn more about the SR&ED program contact 403-488-7015 or visit www.edalliance.ca.