FREDERICTON (GNB) – The New Brunswick small business corporate income tax rate has been lowered to 2.5 per cent effective April 1.

This is the fourth cut to the tax rate since Jan. 1, 2015 at which time it was 4.5 per cent.

“Your government recognizes the vital role small businesses play in New Brunswick’s economic growth,” said Finance Minister Cathy Rogers. “Reducing the small business corporate income tax will help small businesses compete, invest and create jobs in our province.”

In addition, the government has provided support for businesses by improving access to capital to help create a healthy and sustainable business community in the province. The government has also increased the Small Business Investor Tax Credit for individual investors to 50 per cent from 30 per cent and eligibility has been expanded to include Community Economic Development Funds.

“Your government is committed to growing our economy and we will continue to support small businesses and make crucial investments to help spur our province’s economic competitiveness,” said Rogers.

The New Brunswick Economic Growth Plan is the provincial government’s plan to grow the economy and create job opportunities. Using this plan as a guide, the government will adjust to the increasingly global nature of the economy and seek to attract the province’s share of global investment, talent and new ideas.