Kelowna, BC April 22nd, 2022: Provectus Biofuels, Inc. (“Provectus” or “the Company”) a first of-its-kind biomass to renewable low-carbon gasoline producer is pleased to announce that Provectus’ registration has been confirmed by the British Columbia Eligible Business Corporation (EBC) investor credit program.
Individual investors who are BC residents are entitled to a 30% refundable tax credit, up to an annual maximum of $120,000. Individual investors who invest in the first 60 days of a calendar year can elect to apply their tax credits to the previous calendar year’s tax return. For example, an investment made February 18, 2022 can be claimed on their 2021 tax return or their 2022 tax return.
Corporate investors are entitled to a 30% non-refundable tax credit, however, there is no annual tax credit limit. Corporate investors can only claim the tax credits in the year of investment. Both individual and corporate investors can carry unused portions of tax credits forward for four years.
Jon Jaque, President and CEO said, “We are excited to be part of a British Columbia investor incentive program that helps grow BC businesses and benefits BC investors. We believe it is much-needed support as investors turn to companies like ours to achieve Canada’s Carbon Reduction goals.”