Harper cuts tax for LNG projects
OTTAWA, ON- Prime Minister Stephen Harper announced last week that he’s cutting taxes on liquefied natural gas (LNG) projects in an effort to kick-start investment to the industry.
“LNG, a clean and affordable energy solution, has become a much more realistic option for a number of Canadian markets, including northern and remote communities and the transportation sector,” said Timothy Egan, President and CEO of the Canadian Gas Association.
The tax relief means LNG capital assets bought between February 2015 and before 2025 will have a capital cost allowance rate of 30 percent for equipment and 10 percent for real estate of LNG facilities.
“The announcement of the Government of Canada will support industrial development, stimulate environmental performance and reduce energy costs for households, businesses and institutions across Canada, ” Egan said.
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