Close X
Monday, January 13, 2025
ADVT 
National

In Surrey Prime Minister Harper Announces Tax Breaks For LNG Industry In B.C. To Spur Job Growth

Darpan News Desk The Canadian Press, 19 Feb, 2015 04:47 PM
    SURREY, B.C. — Prime Minister Stephen Harper announced tax breaks Thursday for British Columbia's liquefied natural gas industry, though not a single project has yet reached a final investment decision.
     
    Harper, who made the announcement at a technical university in Surrey, B.C., said companies will receive a capital cost allowance of 30 per cent for equipment used in natural gas liquefaction and 10 per cent for buildings at a facility that liquefies natural gas.
     
    Tax relief will be available for capital assets acquired between now and 2025.
     
    Harper said the tax incentives will provide the right conditions for the LNG industry to succeed and compete in the global economy while spurring job growth.
     
    "Developing our natural gas resources and encouraging LNG export growth will mean good, well-paying jobs for thousands of British Columbians, including in our aboriginal communities," Harper told students at Kwantlen Polytechnic University.
     
    "And it's diverse as jobs in construction, jobs in facilities, once they're built."
     
    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 revenue to wipe out the provincial debt.
     
    But there was little mention of LNG in this week's provincial budget. The government said it was holding off including any LNG revenues until final announcements are made for any of 18 prospective projects.
     
    Last November, the province passed three major pieces of LNG-linked legislation covering taxes, emissions standards and aboriginal involvement.
     
    Clark said then that legislation on the tax and on the environmental side needed to pass before the industry could get going.
     
    The province has said the income tax legislation means one mid-sized LNG plant would pay about $800 million in taxes annually, which is equivalent to taxes that B.C.'s forest industry pays each year. One plant producing 12 million tonnes of LNG annually would pay up to $9 billion in taxes over 10 years.
     
    However, declining natural gas prices have meant companies with LNG plans are still hedging on making final investment decisions.

    MORE National ARTICLES

    Federal officials meeting with youth worker advocates to discuss unpaid interns

    Federal officials meeting with youth worker advocates to discuss unpaid interns
    OTTAWA — The parliamentary secretary to Labour Minister Kellie Leitch is meeting this week with various stakeholders about unpaid interns, stoking hopes among advocates that the federal government may be ready to make changes.

    Federal officials meeting with youth worker advocates to discuss unpaid interns

    UBC Professors Vote On Proposal To Divest School's Endowment From Fossil Fuels

    UBC Professors Vote On Proposal To Divest School's Endowment From Fossil Fuels
    VANCOUVER — Faculty members at the University of British Columbia are voting on a proposal to stop using the school's endowment fund to invest in the fossil-fuel industry.

    UBC Professors Vote On Proposal To Divest School's Endowment From Fossil Fuels

    $10 Million More Funding For Mine Safety And Permitting Process: Premier Christy Clark

    $10 Million More Funding For Mine Safety And Permitting Process: Premier Christy Clark
    VANCOUVER — British Columbia is investing more money in mine safety and a streamlined mining permit process across the province.

    $10 Million More Funding For Mine Safety And Permitting Process: Premier Christy Clark

    Parole Board Extends Leave For Man Who Bombed Yellowknife Mine, Killing 9 People

    Parole Board Extends Leave For Man Who Bombed Yellowknife Mine, Killing 9 People
    ABBOTSFORD, B.C. — A man granted day parole two decades after being convicted of planting a bomb that killed nine miners in Yellowknife will be getting extended leave privileges.

    Parole Board Extends Leave For Man Who Bombed Yellowknife Mine, Killing 9 People

    After 126 Years Capilano Suspension Bridge Still Drawing In Visitors

    After 126 Years Capilano Suspension Bridge Still Drawing In Visitors
    VANCOUVER — He built it and they came — in droves — but it wasn't the original goal of George Grant Mackay who built the Capilano Suspension Bridge in the District of North Vancouver 126 years ago.

    After 126 Years Capilano Suspension Bridge Still Drawing In Visitors

    Premium Brands Closing Toronto Processed Meat Plant, 200 Jobs To Be Lost

    Premium Brands Closing Toronto Processed Meat Plant, 200 Jobs To Be Lost
    VANCOUVER — Premium Brands Holdings Corp. (TSX:PBH) said Monday it will close its processed meat plant in Toronto in December, a move that will affect about 200 workers.

    Premium Brands Closing Toronto Processed Meat Plant, 200 Jobs To Be Lost