MONCTON (GNB) – On April 1 the small business income tax rate will be cut to three per cent. This is the third cut to this rate since Jan. 1, 2015.

“Small businesses in New Brunswick are crucial to economic and job growth,” said Premier Brian Gallant. “By cutting taxes for small businesses in New Brunswick for the third year in a row, we are helping them compete, invest and create jobs.”

Through previous reductions, the rate was lowered from 4.5 per cent.

In addition, to improve access to capital the Small Business Investor Tax Credit was increased from 30 per cent to 50 per cent for investments made after April 1, 2015, and eligibility was expanded to include community economic development funds.

“To support small businesses we have cut their taxes three times, frozen their fees and provided them more access to capital,” said Finance Minister Cathy Rogers. “In keeping with our Economic Growth Plan, our government is investing in initiatives that will help business to thrive.”

The New Brunswick Economic Growth Plan, released last September, outlines the government’s strategy to grow the economy and create job opportunities for New Brunswickers. The plan outlines how the government will mobilize to ensure there is a co-ordinated, complementary effort to improve the economy and realize maximum benefits. Within the framework of this plan, specific policies, programs and projects will be developed and implemented. The plan is also intended to be a guide for government and the private sector to channel and synergize efforts for greater success.