Industries in Newfoundland and Labrador are thriving. In the last year alone, the provincial fishery reached unprecedented levels, production value in the film and television industry set new highs, the mineral exploration sector had its busiest year in 25 years, and the technology sector is facilitating new activity across all sectors and expanding globally. Budget 2022 takes aim at building on this momentum and leveraging our rich natural resources to be leaders in the green economy.

Film and Television, Arts and Cultural Sectors

The lights are shining bright on the film and television industry with production values in 2021 reaching upwards of $100 million and more studios opting to select this province as a location to film their productions. To build on this activity, Budget 2022 includes:

• $2.6 million for a new film and production program for College of the North Atlantic.
• $10 million for the Film and Television Equity Investment Program.
• A new All Spend Film and Video Production Tax Credit. The 30 per cent tax credit will apply to total qualified production costs with a maximum tax credit of $10 million annually per project.
• $5 million for ArtsNL.
• $3.3 million for the Cultural Economic Development Program.

Environment and Climate Change

There is a shared responsibility to achieve net zero carbon emissions by 2050 by making greener choices every day. Budget 2022 includes:

• A new green technology tax credit of 20 per cent to help businesses with specific capital costs for green activities such as equipment for energy conservation and clean energy generation and efficient use of fossil fuels.
• $17.3 million for the continuation of the Low Carbon Economy Fund.
• $2 million for rebates for homeowners to transition their homes from oil heat to electric heat.
• An additional $1.9 million for electric vehicle charging infrastructure, as well as a $2,500 rebate for consumers who purchase or lease all-electric vehicles and $1,500 rebate for the purchase of plug-in hybrid vehicles.
• $1.2 million annually, in partnership with the Federal Government, over the next three years for flood risk mapping.
• $275,000 annually over the next four years, in partnership with the Federal Government and stakeholders, to support the establishment of natural areas.

Economic Development Supports

To help support new opportunities, in collaboration with the private, public and community sectors, Budget 2022 includes:

• A new 10 per cent Manufacturing and Processing Investment Tax Credit will support the manufacturing and production, fishery, farming, and forestry sectors to invest in capital equipment.
• Approximately $35 million to support economic development initiatives including research and development, commercialization, investment attraction, regional development and business growth activities.
• $25 million over the next four years for connectivity initiatives including broadband and cellular.

Renewable Resources

Traditional, renewable industries, are essential to the success of our province. They are key to food security, as well as contributing to new business opportunities and new jobs in rural areas. Budget 2022 includes:

• $10.9 million for agriculture development, which will help meet the commitment to increase self-sufficiency in fruit and vegetable production of 20 per cent this year.
• $4.8 million allocated for innovation, product development, and research through the Atlantic Fisheries Fund.
• $3.5 million in provincial funding to protect forests from spruce budworm.
• $3.2 million for silviculture, with $1.7 million of that associated with annual reforestation activities in 2022.
• $200,000 for the Seafood Development and Fisheries Research Grant Programs.

Oil and Gas

In our innovative offshore, per barrel Greenhouse Gas Emissions are among the lowest in the world and our oil plays a key role in assisting with the global energy crisis. Budget 2022 includes:

• $6 million for the Innovation and Business Development Fund, which supports supply and service companies.

The Bay du Nord Project is set to play a key role in helping meet global demand for responsible oil. The project will be the most carbon efficient development of its scale in Canada and will apply industry-leading emission reduction technologies.

Mining

In 2021, the mining and mineral exploration industry reached new heights with the busiest claim staking in 25 years. Many of the minerals being explored are essential for renewable energy and clean technology applications such as batteries, permanent magnets, solar panels and wind turbines. They will invite new jobs, as well as new economic activity. Budget 2022 includes:

• $1.3 million to assist junior exploration companies undertake grassroots and advanced geosciences activity.
• $400,000 to assist prospectors undertake prospecting activity, promote their findings to the exploration industry and receive technical and geological support.