29 MAY 2015Orbitealuminae (Press Release)
Orbite eligible for additional investment tax credits
Edited by : AL CIRCLE
1 min read
Orbite Aluminae Inc. today announced that the Company has determined it is eligible to receive refundable investment tax credits (ITCs) on its investments in the Gaspe region incurred during 2015, 2016 and 2017.
ITCs receivable were limited to a maximum of $30 million, which Orbite had reached for the years 2012 through 2014. However, this ceiling applies to three year intervals and a new three-year interval began on January 1st, 2015. According to Quebec tax regulations, companies making investments in manufacturing and processing equipment in the Gaspe region are eligible for a 32% return in the form of refundable ITCs. The Company has received confirmation from its tax consultants that it should be eligible to receive up to $7.5 million in tax credit refunds for fiscal 2015.
As it has done in the past, the Company intends to leverage these refundable tax credits towards the finalization of its financing plan for its High Purity Alumina Facility, presently under construction in Cap-Chat, Quebec.
ITCs receivable were limited to a maximum of $30 million, which Orbite had reached for the years 2012 through 2014. However, this ceiling applies to three year intervals and a new three-year interval began on January 1st, 2015. According to Quebec tax regulations, companies making investments in manufacturing and processing equipment in the Gaspe region are eligible for a 32% return in the form of refundable ITCs. The Company has received confirmation from its tax consultants that it should be eligible to receive up to $7.5 million in tax credit refunds for fiscal 2015.
As it has done in the past, the Company intends to leverage these refundable tax credits towards the finalization of its financing plan for its High Purity Alumina Facility, presently under construction in Cap-Chat, Quebec.
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