The Quebec government is introducing a variety of measures designed to combat the economic downturn in that province, Finance Minister Monique Jérôme-Forget announced Wednesday.
These measures, contained in the economic statement tabled during an extraordinary session of the National Assembly, are designed to protect jobs, preserve household purchasing power and help businesses facing tighter credit conditions, she explained. “They will counter specific effects of the financial crisis and will help mitigate the economic slowdown,” she suggested.
The measures include:
> a new refundable tax credit for home improvement;
> a $1 billion capital infusion to the Société générale de financement du Québec to increase its investments in companies active in Quebec;
> an easing of the rules governing company pension plans to ensure their solvency;
> a hike in the tax credit for film and television production; a 50¢ increase in the minimum wage to $9 an hour as of May 1; and
> an acceleration in infrastructure investments to $41.8 billion for 2008-2013, an increase of $4.1 billion compared to the initial plan.
“These measures bolster our economic plan. We are taking concrete steps to support the economy, while keeping within the state’s financial capacity,” Jérôme-Forget said.
Wednesday’s statement also marks the beginning of the pre-budget consultations in the province.