REGINA - MLA for the Battlefords, Jeremy Cockrill, has introduced a motion in the legislature to recognize programs encouraging investment.
Cockrill moved a motion Thursday that states:
“That this assembly recognizes the success of programs such as the manufacturing and processing tax credit, the Saskatchewan value-added agriculture incentive, oil and gas processing investment initiative and the Saskatchewan technology start-up incentive in attracting opportunity to our province and supports in principle the introduction of further programs to encourage investment such as the Saskatchewan Indigenous Investment Finance Corporation.”
In his address during the 75-minute debate Thursday, Cockrill described the business tax incentives implemented by the government. Here are some highlights of his address as recorded in Hansard.
On the oil and gas processing investment initiative: “This is a program that offers transferable oil and gas royalty or freehold tax credits for approved projects for 15 per cent of eligible program costs. This is all about enhancing Saskatchewan’s competitiveness in oil and gas development, but it also enhances our province’s position in other industries that use existing oil and gas infrastructure, including our burgeoning helium industry.”
Cockrill noted a recent announcement of the investment in the province by Royal Helium and North American Helium. “It was a pleasure to have both companies here at the legislature this week, and we thank them both for their interest and investment into this province.”
On the manufacturing and processing tax credit, Cockrill said:
“And now, Mr. Speaker, I have experience myself running a manufacturing business here in Saskatchewan, and our manufacturing jobs in this province are so important. They’re good-paying jobs. They’re dependable jobs for the people of Saskatchewan.
“And we’re seeing new manufacturing investments in this province like Clean Seed Capital Group in Saskatoon. But it should be noted that there are already hundreds of companies in this province who produce high-quality products in a variety of industries. And through this tax credit, Mr. Speaker, we are proud to support these companies as they scale up and work to be competitive in the global economy.”
On the Saskatchewan technology start-up incentive:
“Now launched in 2018, the STSI is a non-refundable 45 per cent tax credit to Saskatchewan-based investors who invest in eligible tech start-ups. Now since inception, 44 different Saskatchewan companies have received an investment through STSI for a total of over $40 million of private investment.
“Now it’s no secret, Mr. Deputy Speaker, that Saskatchewan has a fast-growing tech sector, and we all here recognize names like Vendasta or 7shifts. But the STSI is important, Mr. Deputy Speaker, because how it is a very favourable incentive to invest in small, early-stage Saskatchewan tech start-ups. And we know that at that stage of the business, access to capital is a key determinant of success.”
He also noted that “even some members of the opposition have given this incentive glowing reviews,” pointing out that even the MLA from Regina University Aleena Young has expressed support for it saying “I wish we saw more incentives like this.”
“Now, Mr. Deputy Speaker, given those comments and the wording of the motion that I’m going to move at the end of my comments, I sure hope that she will honour her words from April and support my motion today.”
Cockrill also spoke of the Saskatchewan Indigenous Investment Finance Corporation, noting it was one of the government’s goals to increase Indigenous participation in Saskatchewan’s natural resource industries.
“And as we move forward, Mr. Deputy Speaker, I would say it’s not just important but it is essential that our Indigenous communities are a part of that success. And that really is the impetus behind the Throne Speech announcement to create the Saskatchewan Indigenous Investment Finance Corporation. And we look forward to investing $75 million to help Indigenous communities be a part of the province’s growth over the next decade and beyond.”
Cockrill described job opportunities available and noted a quote from the member from Indian Head-Milestone and the Minister of Government Relations Don McMorris, that “‘there is no better time than the present to be a Grade 10, 11 or 12 student in this province.’ And, Mr. Speaker, that really is a profound statement. And given that member’s tenure in this Assembly, whenever he gets up to speak, I pay close attention to that.”
He also challenged the members of the NDP opposition. “Mr. Speaker, it almost seems like the members opposite, they just froth at the mouth at the very thought of speaking or tweeting about a fifth wave of COVID or a new variant. And, Mr. Speaker, there is no doubt that COVID is a reality in our province, as in any other jurisdiction in the world ...
“But despite that, Mr. Deputy Speaker, and this is really the important part: when there are so many opportunities to talk about the promise and potential of Saskatchewan, what do we hear from the members opposite? Nothing. We hear nothing. Perhaps a few heckles with language that is unparliamentary, but other than that, Mr. Speaker, we hear nothing.
“… And so again I would challenge the members opposite to open their minds a bit and be willing to share and promote what is happening in our province’s economy because it truly is good news, Mr. Speaker. Not even good news — it’s great news for this province and the future of this province. And I do believe that their constituents and the people of Saskatchewan would be well served by a change in attitude over there.”
