BC's Budget - Some red with just a dash of green
Today, the BC Government released its 2009 Budget. Here is a copy for your reading pleasure and the link to the BC Budget website.
The Budget, which includes a $740 billion deficit over two years, provides little "news" for the green energy sector, but overall, it provides a solid economic foundation for the Province in these turbulent times. The Carbon Tax is staying and there are some additional Climate Action incentives for low income earners. In my view, combined with the Throne Speech yesterday, the Provincial Budget is mostly good news for the green energy industry as it confirms the BC Government's commitment to renewable power generation in a carbon-neutral economy as a cornerstone to continued economic growth in the Province.
One notable inclusion in the Budget, which is of interest to the ocean energy community is a new tax exemption. Effective, February 18, 2009, equipment specifically designed to produce mechanical or electrical energy from ocean currents, tides or waves is exempt from the Social Service Tax. Generators, wiring, controllers, monitors, pumps, tubing, floats, water fences, aids to navigation as defined in the federal Canada Shipping Act, 2001, and devices that convert direct current into alternating current are also exempt when sold with and as part of the specifically designed equipment.
