Small and medium-sized businesses in Saskatchewan will soon benefit from the provincial government’s new pilot project.

Thursday, the province announced new legislation that will create a Small and Medium Enterprise Tax Credit. The three-year pilot program will offer a “45 per cent non-refundable tax credit for individuals or corporations who invest in the equity of an eligible Saskatchewan SME.”

There will be an annual cap of $7 million on the total non-refundable tax credits awarded, and they will be processed on a first-come first-served basis.

Applications will start being accepted in late 2025, and the SME Tax Credit pilot program will be in effect from July 1, 2025, to June 30, 2028.