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B.C. unveils $1.5B economic recovery plan

Darpan News Desk The Canadian Press, 17 Sep, 2020
  • B.C. unveils $1.5B economic recovery plan

The British Columbia government is announcing $660 million in new tax incentives and outlining how it will spend another $1.5 billion for economic recovery from the COVID-19 pandemic.

The plan earmarks $417 million to support jobs and training, including $300 million to hire new health-care workers.

Premier John Horgan's government has also announced funding for the tourism industry, food security, climate action, and technology and innovation.

About $100 million in infrastructure grants will be available for projects that are ready to begin and $300 million in grants for small- and medium-size businesses to help protect more than 200,000 jobs in hard-hit industries.

The tax incentives include a temporary 100 per cent PST rebate on select machinery and equipment for eligible businesses and a 15 per cent tax credit on eligible new payroll to encourage businesses to hire more workers.

The government says that as of August, almost 250,000 jobs have been restored, equal to 62 per cent of the total jobs lost due to the pandemic.

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