Budget 2025 investments will optimize and sustain economic benefits, employ people in a wide range of sectors, and help to ensure ecological integrity and stewardship. We support traditional and emerging industries and continue to build a sustainable and diverse economy.

Business and Industry Development

Budget 2025 positions our business community for success, allocating funding for direct investments in businesses and organizations, including:

• $200 million in contingency to provide the flexibility to address economic and worker impacts associated with the uncertainty of U.S. tariffs and associated counter tariffs.
• $35 million to support economic development initiatives including research and development, commercialization, investment attraction, regional development and business growth activities.
• $16.5 million for connectivity initiatives, including broadband and cellular.
• $15 million allocated for tourism marketing and air access, including $2 million to support Vision 2026.
• $14.3 million to support projects through the Green Transition Fund.
• $10 million for a new venture capital fund to support the growth of new technology companies.
• Up to $10 million is available for a restaurant loan guarantee program to assist locally-owned restaurants.
• $1 million to increase wholesale pricing discounts on wine, spirits and ready-to-drink beverages for licensed bars and restaurants.
• $800,000 to increase compensation on products sold by brewers’ agents and liquor express retailers.
• $400,000 for the Business Navigator service to ensure businesses are connected to the correct resources to help streamline processes.
• Maintaining the reduction in the small business tax rate, from 3 per cent to 2.5 per cent on income tax payable and exemption of the Health and Post- Secondary Education Tax from $1.3 million to $2 million.
• 10 per cent Manufacturing and Processing Investment Tax Credit to assist the manufacturing and production, fishery, farming and forestry sectors invest in equipment.
• 20 per cent green technology tax credit to help businesses with capital costs for such things as equipment for energy conservation, clean energy generation, and efficient use of fossil fuels.

Oil and Gas

Our government is committed to resource development as a key economic driver. With over 650 leads and 20 basins mapped, there is much opportunity in offshore Newfoundland and Labrador, especially with its low carbon per barrel. Budget 2025 investments support oil and gas exploration and development, including:

• $90 million over three years for an offshore exploration fund to encourage new exploration, beginning in 2026.
• $20 million for the Innovation and Business Development Fund to grow Newfoundland and Labrador’s energy supply and service capabilities.
• Almost $1 million for phase two of a natural gas resource assessment to build an inventory of proven and prospective gas resources in the Jeanne d’Arc Basin.

Critical Minerals

As demand increases for critical minerals used for renewable energy and clean technology application, our mineral potential provides a major opportunity. Budget 2025 includes:

• $2.6 million, increasing to $4.3 million next year, to support implementation of the Critical Minerals Strategy.
• $1.7 million for the Mineral Incentive Program, including $1.3 million for the Junior Exploration Assistance.
• $1.6 million for a Labrador-specific geoscience program.

Renewable Resource Industries

Whether it is our world-class seafood industry with exports to 38 countries employing more than 16,000 workers, the 500 farms that are growing crops that contribute to our food self-sufficiency, or our wealth of forests, we are fortunate to be home to vast renewable resources. Investing in these industries is essential in a strong, sustainable economy and in Budget 2025 investments include:

• $8.9 million through the federal-provincial Sustainable Canadian Agricultural Partnership.
• $5.75 million for the Seafood Marketing Support Program to support market diversification.
• $4.2 million for the Atlantic Wildfire Centre, with a total commitment of nearly $27 million, to increase resources, enhance training and strengthen our ability to tackle wildfires.
• $4 million for the Spruce Budworm Early Intervention Strategy.
• $4 million through the Atlantic Fisheries Fund to support infrastructure, innovation and science partnership initiatives that advance and modernize the fisheries sectors.
• Nearly $2.3 million for the Provincial Agrifoods Assistance Program, including the Community Garden Support Program.
• An additional $618,000 for the Centre for Agriculture and Forestry Development.
• Continuing the Harvester Enterprise Loan Program.

Developing a Green Economy

Our commitment to safeguarding our environment and residents remains strong. From ongoing work towards reducing our carbon footprint, to creating safer environments by addressing issues of waste management and wastewater, Budget 2025 includes:

• $40 million towards continuing the oil to electric rebate program, the Climate Change Challenge Fund, and climate change adaptation.
• $3.7 million for electric vehicle rebates and infrastructure.
• $2 million for a provincial waste management strategy.
• $680,000 to enhance flood monitoring and alerting.
• $508,000 for drinking water improvement initiatives.
• $100,000 for wastewater monitoring.