GREENER FUTURE AND
STRONGER ECONOMY
A wide range of new measures to address climate change, promote greener choices, and encourage economic investment will allow
“This budget marks a turning point,” said
To help reduce B.C.’s greenhouse gas emissions by one-third by 2020, Balanced Budget 2008 includes a revenue-neutral carbon tax, provides $440 million for a one-time Climate Action Dividend, and over $1 billion for a broad range of climate action programs and tax incentives.
Effective
Legislation will require a plan to be tabled in the legislature each year, showing how the revenue raised will be returned to businesses and individuals. None of the carbon tax revenue will be used for expenditure programs.
“The principle is simple,” said
The carbon tax is forecast to generate approximately $1,849 million over three years.
This revenue will be returned to businesses and individuals through a new Climate Action Credit for persons with lower incomes ($395 million) and reductions to personal income tax rates ($784 million), the small business income tax rate ($255 million), and the general corporate income tax rate ($415 million).
In addition to the revenue-neutral tax reductions, every
The budget also provides, over four years, more than $1 billion to encourage energy efficiency, implement new regulatory requirements, undertake cutting-edge research and make low-carbon investments. These climate action initiatives include: new funding for home energy audits and retrofits; sales tax exemptions for ENERGY STAR appliances; up to $2,000 in reduced sales tax on the purchase of fuel efficient vehicles; a new biodiesel production incentive; an expanded venture capital program aimed at clean technology companies; and funding to reduce emissions at B.C.’s ports and commercial truck stops.
“While the economic forecast sees British Columbia continuing to outperform Canada and the U.S., weakening conditions south of the border and international uncertainty show how important it is to maintain a prudent approach,” said Taylor. “It’s also a reminder that we must always explore new ways to make B.C.’s economy more competitive, innovative, and diverse.”
Balanced Budget 2008 delivers $407 million in targeted tax reductions and $428 million in new investments to improve
Tax measures include: improvements to B.C.’s Film Tax Credits; lower provincial property tax rates on major industrial properties; replacing the financial institutions capital tax with a minimum tax; improvements stemming from the Provincial Sales Tax Review; and changes to the International Finance Act to expand the types of patents and activities eligible for tax refunds.
“This year, our province celebrates 150 years of growth and progress,” said
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