Prime Minister Stephen Harper has announced new tax measures to support the liquefied natural gas (LNG) industry.
Harper visited Surrey on Thursday to announce that the federal government intends to create a capital cost allowance rate of 30 per cent for equipment used in natural gas liquefaction and 10 per cent for buildings used as LNG facilities, as long as they are acquired after Feb. 19.
"Today's announcement builds on our low tax plan for jobs and growth," the prime minister said through a statement.
Harper said the government's aim is "opening new markets for Canadian businesses and developing the infrastructure to transport Canadian products to new markets."
Harper says the tax relief will be available for capital assets acquired up to 2025.
He says the tax incentives will provide the right conditions for the industry to succeed and compete in the global economy and spur job growth.
B.C. Premier Christy Clark won re-election in 2013 by promising a multibillion-dollar LNG industry that she said would create 100,000 jobs and generate enough revenues to wipe out the provincial debt.
But there was little mention of LNG in the provincial budget tabled on Tuesday and the government said it was holding off on the inclusion of projected revenues because so far no project has reached a final investment decision.
- See more at: http://www.princegeorgecitizen.com/harper-announces-tax-breaks-for-lng-industry-in-b-c-to-spur-job-growth-1.1768971#sthash.38x2aJdb.dpufB.C. Premier Christy Clark won re-election in 2013 by promising a multibillion-dollar LNG industry that she said would create 100,000 jobs and generate enough revenues to wipe out the provincial debt.
But there was little mention of LNG in the provincial budget tabled on Tuesday, and the B.C. government said it was holding off on the inclusion of projected revenues because so far no project has reached a final investment decision – including the Woodfibre LNG facility planned for Squamish, which is currently in the public comment period of the B.C. Environmental Assessment process.
– With files from the Prince George Citizen/Canadian Press
