Surrounded by shiny equipment at Saskatoon’s Food Centre on the U of S campus, Saskatchewan Party leader Brad Wall made a campaign promise Friday that would benefit local innovators.
If re-elected, Wall said his government would give a tax incentive to Saskatchewan companies that commercialize patents and intellectual property into new products.
The Saskatchewan Commercial Innovation Incentive would be the first of its kind in North America and would take effect in 2017.
“Women and men who are inventors and entrepreneurs, if they come to Saskatchewan and undertake that commercialization and create jobs here, what they will receive is basically protection from that high rate of taxes,” Wall said during Friday’s announcement.
The incentive would slash the corporate income tax in half from 12 to six per cent for up to 15 years, Wall said.
Also called a “patent box,” the Saskatchewan Party said the incentive would be available to all sectors but would especially appeal to those in the biotech, mining and manufacturing sectors.
Wall also announced that up to 10 per cent of the Research and Development Tax Credit would be refundable if his government is in power.