NSBI Approves Payroll Rebates
Nova Scotia Business Inc. (NSBI) has approved two business development incentives in the form of payroll rebates for Introhive Services (NS) Inc. and PitchPerfect Software Inc. doing business as Proposify, to expand their operations in Halifax.
Introhive’s cloud-based software platform analyzes relationships between an organization's employees and customers, colleagues, and friends, including social media, email, electronic calendars and contacts. The software then creates a company-wide view of relationships that helps businesses improve sales and marketing.
Introhive also has offices in Fredericton, Saint John, Chicago, London, U.K. and Chennai, India.
The company has the potential to create up to 66 jobs in business development and events, data analysis and sales under the five-year payroll rebate agreement. Based on the maximum growth forecast of the agreement, NSBI estimates the company could spend $11,460,000 in salaries.
It is also estimated that new employees would contribute provincial tax revenues of $1,472,000 through their income and consumption taxes. As a result, the company would earn a rebate up to $691,800 over five years.
Introhive Services (NS) Inc. would be eligible for a smaller rebate if it creates fewer than 66 new jobs.
Proposify is an online business proposal company that streamlines the process of creating, sending, and closing proposals, quotes, contracts and other sales documents. The company exports its software service to almost 8,000 clients outside Nova Scotia.
Proposify has the potential to create up to 58 jobs under the five-year payroll rebate agreement. Based on the maximum growth forecast of the agreement, NSBI estimates the company could spend $16,320,000 in salaries.
It is also estimated the new employees would contribute provincial tax revenues of $1,896,000 through their income and consumption taxes. As a result, the company would earn a rebate up to $1,057,400 over five years.
Proposify would be eligible for a smaller rebate if it creates fewer than 58 new jobs.
- payroll rebates are designed in a way that the tax revenue generated for the province by the new jobs in Nova Scotia is always more than the amount of the rebate
- payroll rebates are only paid after a business has generated actual payroll for the Nova Scotia economy
- for every dollar a company spends on the new jobs it receives between five and 10 cents back
- when a company submits an annual rebate claim, it must send NSBI audited information that confirms the number of jobs it created that year
- payroll rebates are paid through NSBI’s Strategic Investment Funds
Information on NSBI transactions can be found at http://www.novascotiabusiness.com/fundingdisclosures .