Good news for Canadian manufacturers: the country’s federal budget for 2015 renews a key incentive that encourages manufacturing investment.

Under the proposed federal budget, the accelerated capital cost allowance (CCA) that allows companies to write off investment in new capital equipment is renewed until 2025.

The write-off was first introduced in 2007 and extended several times but was due to expire at the end of 2015.

“This budget acknowledges the central role manufacturing plays in the Canadian economy,” said AEM President Dennis Slater. “We look forward to this budget being enacted and supporting AEM’s Canadian member companies.”

Read more about Canada’s 2015 federal budget.