BioNova, the organization leading the economic growth of the Health and Life Sciences sector in Nova Scotia in collaboration with Grant Thornton and Cox & Palmer have announced the launch of a report to advance the Innovation Equity Tax Credit (IETC) to better serve the interests of local businesses, the investment community, and the province's economic development objectives. The announcement was made at BioNova's 18th annual BioPort Atlantic conference, the largest health and life sciences conference east of Montreal.
This is the second time that BioNova and industry partners have provided recommendations to the province to evolve the tax credit, many of which were adopted with the launch of the new and improved IETC back in January. This has led to welcomed changes for many companies in Nova Scotia, as the attraction of capital has been a long-standing issue for emerging businesses.
"Great strides have been made and we believe there are still opportunities available to further improve and refine the IETC that will have a long-term positive impact on our economy and for the health and life sciences sector," said Scott Moffitt, Executive Director of BioNova.
There are thirteen new recommendations listed in the report including an update which will allow directors, founders, and other investors with a vested interest in the company to benefit from the tax credits where they are currently excluded. The report also recommends providing early stage companies an opportunity to pivot their business plan if it will increase their chances of success while still being eligible for the IETC.
BioNova advocates on behalf of the sector for initiatives that are important to attract investment to the province. The IETC encourages investors to make equity capital investments in eligible Nova Scotian small and medium corporations, who are engaged in innovative activities that contribute to inclusive economic growth and increase investment in innovation.