Published: September 8, 2023
Halifax, Nova Scotia – Today, Maritime Launch Services Inc. (NEO:MAXQ, OTCQB:MAXQF) announces Canada’s launch capabilities and Nova Scotia’s position as a global space sector innovator gains significant momentum as the Province of Nova Scotia approves Spaceport Nova Scotia – Canada’s first commercial spaceport – as an eligible project for the Nova Scotia Capital Investment Tax Credit Program (CITC).
Spaceport Nova Scotia, located near Canso, Nova Scotia, is currently being developed by Maritime Launch Services.
Stephen Matier, President and CEO, Maritime Launch Services, says Spaceport Nova Scotia’s CITC approval will accelerate benefits for the Province and Canada. “Companies around the world are racing to get their technology launched into space, and the CITC program will help us expedite our project to serve this global demand,” says Matier. “The Government of Nova Scotia understands the time is right, and we must work now to fully leverage this opportunity for Nova Scotia to become a global space sector destination.”
Spaceport Nova Scotia’s CITC Part A application approval provides a material financial commitment to the Province’s ongoing support for rural economic development and innovation. Specifically, this approval results in an initial qualification of more than $13 million for the project for the current phase of development through the CITC.
The CITC program’s threshold was recently increased to 25% for eligible capital equipment projects of up to $400 million with a maximum tax credit of $100 million per project. Maritime Launch intends to apply for the full scope of eligibility.
“The economic impact of a project like Spaceport Nova Scotia is clear, with the construction phase projected to add $143 million to the Nova Scotia economy, along with 750 year-round jobs,” said Susan Corkum-Greek, Minister of Economic Development. “Nova Scotia’s Capital Investment Tax Credit is designed to encourage businesses to invest and grow in our province. That’s why we’re pleased to see this project utilize the CITC, knowing it will continue to help Spaceport Nova Scotia be a significant driver of rural investment and innovation.”
Earlier this spring, a Conference Board of Canada (CBOC) study projected significant and lasting economic benefits of the Spaceport Nova Scotia project.
Once the project fully ramps up operations, the Conference Board of Canada projects it will add around $300 million to Canada’s GDP annually, boost revenue to governments by more than $100 million, and create close to 1,000 annual full-year jobs across Canada.