The changes brought in by Premier John Horgan’s NDP government will amend the Income Tax Act to provide a tax credit for LNG development and also repeal the Liquefied Natural Gas Income Tax Act.
Legislation introduced this week by the B.C. government that will change the province’s tax structure to encourage liquefied natural gas development is good for LNG Canada’s $40-billion project but is unlikely to spur any others to move ahead, according an energy consultant.
That act, introduced under the B.C. Liberals, was meant to create a new income tax on LNG to provide additional benefits to British Columbians, including putting money into a “prosperity fund”. B.C.’s new greenhouse gas emission target calls for a 40-per-cent reduction by 2030 over 2007 levels, a decrease of 25.4 million tonnes of carbon dioxide equivalents.
B.C. will copy the federal government’s 45 per cent methane-emission reduction measure and increase the carbon tax, now at $35 per tonne, to $50 by 2021.
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