The budget anticipates a surplus of $82.4 million for 2024-25 and projects deficits of $697.5 million for 2025-26 and $522.5 million for 2026-27. The budget announces that Nova Scotia will decrease its small business income tax rate to 1.5% (from 2.5%) and increase the small business income threshold to $700,000 (from $500,000), effective April 1, 2025. The budget also extends the eligibility for the maximum amount of certain personal non-refundable tax credits, among other changes.
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