While B.C. families are paying more in fees and rate increases for everything from hydro rates to MSP premiums, foreign-owned LNG companies will be cashing in on tax breaks and protection from future tax increases for the next 25 years under Premier Christy Clark’s LNG deal.
Fact: The Liberals cut the LNG income tax for corporations in half, from 7 per cent to 3.5 per cent. And it won’t be going up for 25 years.
Fact: The natural gas tax credit allows LNG corporations to reduce their corporate income tax from the current 11 per cent down to 8 per cent. This credit is locked in for 25 years.
Fact: The deal gives LNG corporations protection from any carbon tax increase on LNG for 25 years.
Quote from Bruce Ralston, spokesperson on natural gas development: “I bet every British Columbian, every small business and every other sector of our economy would like protections from tax increases for the next 25 years. But in Premier Christy Clark’s world, foreign-owned LNG corporations get tax cuts and tax protections while everyone else in B.C. pays more.”