The federal government is setting up tax breaks for new Liquefied Natural Gas (LNG) industry investors in British Columbia.
It is establishing a capital cost allowance of 30 per cent for equipment use and 10 per cent for infrastructure, compared to the usual eight per cent and six per cent respectively.
The income tax reduction is intended to help offset construction costs to attract LNG investment, a move that is welcomed by the provincial government.
Cariboo-Chilcotin MLA Donna Barnett says this is "very important" to the future of B.C. and will help make it "one of the most competitive" LNG industries across the globe.
Barnett says she would like to see a start toward new LNG production this year and hopes it continues to move forward from there.
Noting estimates indicate up to 100,000 new jobs will be created for $175-billion in new industry investment, she says this will take time, but "Rome wasn't built in a day."
"We always need to have new industries over time and working on this is something that will certainly help us move forward with the infrastructure, the health care, the jobs we need to get people working and the education.”