Goal is to reward companies that develop and commercialize patents and IP in the province, premier says.
SASKATOON — Premier Brad Wall is trying to entice business with a promise of a new tax incentive if his Saskatchewan Party is re-elected April 4.
Wall says he would lower the corporate income tax to 6% from 12% on any income earned from patents that result in new products.
He says the goal is to reward companies that develop and commercialize patents and intellectual property in Saskatchewan.
Wall says that should particularly appeal to the agricultural biotech, manufacturing, energy and mining sectors.
The government promised in October 2012 to cut the corporate income tax rate to 10% from 12 by 2015, but the move was postponed in the following budget.
Finance Minister Ken Krawetz said at the time the province couldn’t afford to give up the revenue.
© 2016 The Canadian Press