Labour-Sponsored Venture Capital Tax Credit
“Newfoundland and Labrador. Finance”
The funder does not disclose this information
Maximum Eligible Amount
Tax Credit
Fund Type
In December, 2004 the province passed the Labour-Sponsored Venture Capital Tax Credit Act and associated regulations. Under this legislation a provincial personal income tax credit is provided for investments in the common shares of a registered labour-sponsored venture capital corporation (LSVCC) fund.
- The provincial legislation contains penalties in order to ensure compliance and timely reinvestment into eligible businesses. Additionally, an LSVCC fund is required to set aside in a trust fund an amount equal to the amount of provincial tax credits issued to eligible investors. If the registration of an LSVCC fund must be revoked, any money remaining in the trust fund is immediately payable to the Crown.
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