Enriched Investment Tax Credit

Overview of the Enriched Investment Tax Credit program:

The Enriched Investment Tax Credit (EITC) is a program offered by the Government of Prince Edward Island through Innovation PEI. This tax credit is designed to encourage investment in new manufacturing and processing equipment by providing a refundable tax credit to eligible corporations. The program aims to stimulate economic growth and enhance the competitiveness of businesses operating within the province.

Benefits of the Enriched Investment Tax Credit program:

• High-productivity export-focused companies may benefit from an Enriched Investment Tax Credit of 25% compared to the existing PEI Investment Tax Credit of 10%.

Eligibility criteria of the Enriched Investment Tax Credit program:

• To qualify for the Enriched Investment Tax Credit, a business must meet the following criteria:
• Location: The business must be located in Prince Edward Island.
• Business Registration and Operation: The business must be registered and actively operating in Prince Edward Island.
• Industry Focus: The business should be involved in manufacturing, processing, or developing goods or services primarily for export. It must operate within one of the following strategic sectors:
• Bioscience
• Aerospace and Defence
• Advanced Manufacturing and Processing
• Renewable Energy and Clean Technology
• Information and Communications Technology
• Creative and Cultural Industries
• Consideration for Other Sectors: Businesses offering first-of-its-kind exportable goods or services in other sectors may also be considered for eligibility.