The Chemistry Industry 2020 Federal Pre-Budget Consultation Submission to the Standing Committee on Finance and Economic Affairs
Recommendations:
- Reform the SR&ED program to help foster R&D in Canada by:
- raising the investment tax credit to 20% from the current 15%;
- eliminating or substantially raising the upper limit for taxable capital phase-out range from the current $50 million; and
- reinstating capital expenditure eligibility that was phased out beginning January 1, 2013;
- Eliminate the 20% disallowance on arm’s-length consulting payments.
- Establish the Plastic Technology Innovation Fund (PTIF) with an initial allocation of $200 million and operated by Natural Resources Canada to further research and development of groundbreaking plastic technology applications in Canada.
- Re-authorize the existing funding for the Chemicals Management Plan (CMP) and specifically develop and expand all aspects related to international development to share Canada’s expertise.