VICTORIA, B.C. – The B.C. Government has introduced legislation to complete the fiscal framework for LNG investment.
According to the Government, this legislation will pull together the final pieces needed to deliver LNG investment that brings long-term benefits to the Province and thousands of good-paying jobs for B.C. workers, while operating within strong environmental protections.
Carole James, Minister of Finance, says this legislation completes the process of creating a fiscal framework that invites investment while protecting Indigenous rights and the environment.
“British Columbians are counting on us to attract LNG investment that meets strict conditions: delivering jobs and financial benefits to B.C., creating economic partnerships with Indigenous peoples, and protecting our clean air, land and water. This legislation completes the process of creating a fiscal framework that invites investment while supporting those conditions.”
Once passed, this legislation is expected to amend the Income Tax Act to implement a natural gas tax credit for LNG development in British Columbia, repeal the Liquefied Natural Gas Income Tax Act that created barriers for investment in B.C.’s natural gas sector, and repeal the Liquefied Natural Gas Project Agreements Act that left British Columbians vulnerable to footing the bill for special industry tax and regulatory protections.
The Government says, once complete, these steps will deliver the fiscal setting needed for LNG Canada’s proposed $40-billion project in northern British Columbia – the largest private-sector investment in B.C.’s history. It is expected to create 10,000 construction jobs and up to 950 permanent jobs in the Kitimat processing terminal.
It is also said that this project is on track to be the cleanest of its kind in the world, meaning it will fit within the greenhouse gas reduction targets of the Government’s CleanBC climate action plan.
To learn more about the new framework for LNG, you can visit the Government’s website.