The Yukon government has extended its mineral exploration tax credit by one year to April 1, 2003. The announcement was made at the Yukon Geoscience Forum in Whitehorse.
The credit is a refundable corporate and personal income tax credit and applied to expenditures incurred while conducting exploration away from mine sites. Individuals and corporations can apply for a tax credit of up to 25% on eligible expenditures.
In addition, the government has increased funding for the Yukon Mining Incentives Program to $850,000 from $638,000 and committed $500,000 to the Regional Mineral Development Program. Funding has also been increased for the geoscience activities of the Yukon Geology Program.
To be eligible for the credit, individuals must reside in the Yukon on the last day of the taxation year for which the credit is being claimed.
For more information, visit the web site at www.yukonmining.com
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