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Sep 23, 2011 - 1 minute read - Comments - business news

B.C. Government To Add $3 Million to Venture Capital Credit (VCC) Program

The Ministry of Small Business, Technology and Economic Development administers the Venture Capital Program. Corporations investing in shares of a registered venture capital corporation or eligible business corporation can claim a Venture Capital Tax Credit (VCC).

Corporations may claim a tax credit in a taxation year equal to the lesser of:

  • the amount of the tax credit certificate issued by the Ministry of Small Business, Technology and Economic Development
  • provincial income tax otherwise payable

This credit only applies to provincial income taxes. If the credit cannot be used up against a single year’s income, it is possible to carry the credit forward for up to four years.

This addition of $3 million to the tax credit budget will allow more investments to qualify under the program.