Legislation was introduced on Monday at the Saskatchewan Legislature to lower the tax rate for small businesses over the next three days.
This is one of the commitments made by the Sask Party during the provincial election campaign.
Finance Minister Donna Harpauer says if the legislation is passed, the small business corporate income tax rate would drop from two per cent to zero retroactive from October 1st of this year.
Then as of July 1st of 2022, the small business tax rate will move to one per cent and a year later on July 1st of 2023, it will return to two per cent.
Harpauer expects these tax reductions will benefit about 31,000 incorporated Saskatchewan small businesses, saving them more than $189-million in provincial taxes over the next three years.