Alberta’s government says it has introduced legislation that would authorize key components of Budget 2024 to support the health and safety of Albertans as well as economic growth.
According to experts, Alberta remains the economic engine of Canada, attracting investment and creating jobs as the province continues to grow. Proposed amendments in the Financial Statutes Amendment Act, 2024 are expected to help attract talent to fill labour shortages, enhance the competitiveness of the film and television industry, improve flexibility in government financial reporting, attract investment across industries and implement other necessary changes to fulfil Budget 2024 commitments.
Officials say the proposed amendments to the fiscal framework and fiscal reporting would support the government in making responsible spending decisions. The changes are also hoped to add clarity and improve efficiency to maintain transparent fiscal reporting to Albertans. Provincial officials say amendments related to the Alberta Carbon Capture Incentive Program could enable the government to provide support to emerging innovators who are planning projects that would further reduce emissions in the province.
“Budget 2024 is built for today and tomorrow. This legislation would allow us to make needed progress and position the province for even more economic success and financial stability for generations to come,” says Nate Horner, President of Treasury Board and Minister of Finance.
Alberta’s government says it has heard from industry that more skilled labour is needed to keep the economy moving forward. The Alberta is Calling Attraction Bonus is designed to help attract more talent to support the province’s growing and diversifying economy, officials point out. Amending the Alberta Personal Income Tax Act to introduce the Alberta is Calling Attraction Bonus could fulfil an important campaign promise to address labour shortages. Officials say this one-time, $5,000 refundable tax credit would incentivize out-of-province job seekers to move to Alberta to take up a career in the trades, spurring job creation throughout the province.
Matt Jones, Minister of Jobs, Economy and Trade says, “As world-class companies continue to choose to invest and expand in Alberta, the Alberta is Calling Skilled Trades Attraction Bonus will help to ensure we have the workforce necessary to meet their needs and continue our economic momentum.”
Alberta’s government says it introduced the Agri-Processing Investment Tax Credit program in spring 2023 and it is already attracting large-scale investment in value-added agricultural manufacturing. Officials say the Financial Statutes Amendment Act, 2024 should improve the program by making it easier for investors to apply and set up shop to build upon Alberta’s competitive advantages.
“The food and agriculture processing industry is an important economic driver in our province,” says RJ Sigurdson, Minister of Agriculture and Irrigation. “Bill 10 would improve the Agri-Processing Investment Tax Credit program and signal to investors that Alberta is a friendly, competitive place to do business and create new jobs in food and agri- processing.”
If passed, officials say the Financial Statutes Amendment Act, 2024 will also update Alberta’s Film and Television Tax Credit program which will attract more productions to film in Alberta and continue to drive economic growth and success. According to the government, having more large-scale productions choose Alberta has the potential to create jobs and promote economic growth across the province.
Officials say Alberta’s population is growing faster than it has in decades. The Land Titles Registration Levy says they will help support the modernization of the Land Titles Office, making it more efficient and allowing new housing projects to start faster while ensuring prompt transfer and registration of property.
Finally, to support the health of Albertans, officials say the proposed legislation would increase the tobacco tax rate to 30 cents per cigarette from 27.5 cents per cigarette and to 35 cents from 27.5 cents per gram of smokeless tobacco. This change should also support the province’s tobacco and vaping reduction strategy to reduce the harms of smoking and second-hand smoke, particularly among youth, say government officials.
Full details of the legislative amendments contained in the bill are available here.
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