Prime Minister Stephen Harper said the government intends to support the creation of new and well-paying jobs in the emerging LNG industry in Canada.
In order to ensure that Canadian natural gas can reach new and growing international markets, and make it accessible for new domestic uses, the government intends to establish a capital cost allowance rate of 30 per cent for equipment used in natural gas liquefaction and 10 per cent for buildings at a facility that liquefies natural gas. This tax relief will be available for capital assets acquired after February 19, 2015, and before 2025, stands in the PM’s statement.
This measure will allow companies investing in new facilities that liquefy natural gas to create jobs and economic growth, while recovering their investment more quickly. It will also encourage investment in facilities that liquefy natural gas to supply emerging international and domestic markets, the statement added.
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Image: pm.gc.ca