Legislative Watch
Issue: 10 - November 20, 2008
Government Announcements
- A legislative amendment was moved to implement Premier Gordon Campbell’s 10-point economic plan to help restore financial stability during the economic slowdown. The plan provides an additional $485 million in tax relief and support over the next three years, including accelerated small business income tax cuts and personal income tax relief. The following legislative amendments are proposed to implement the 10-point economic plan:
- Accelerated tax relief for small business – Income Tax Act – Reduce the small business income tax rate to 2.5 per cent, effective Dec. 1, 2008. Combined with the reduction in July from 4.5 per cent to 3.5 per cent, these tax cuts will inject an additional $146 million into B.C. small businesses over three years.
- Accelerated, retroactive personal income tax cut – Income Tax Act – Reduce personal income tax by five per cent, retroactive to Jan. 1, 2008. This includes the two per cent tax cut that took effect July 1 of this year, as well as the planned three per cent reduction that was to take effect Jan. 1, 2009. This amendment will put an additional $144 million in the pockets of British Columbians.
- Unlimited deposit insurance for credit unions – Financial Institutions Act – Extend the current $100,000 coverage to unlimited deposit protection for all depositors in B.C. credit unions and enhance supervisory powers, bringing B.C. in line with other western provinces.
- Industrial property tax credit – School Act – Introduce a 50 per cent provincial industrial property tax credit for major industrial and light industrial properties (Class 4 and 5) for the 2009 and subsequent tax years.
- Property assessment roll adjustments – Assessment Act – For roughly 90 per cent of properties, 2009 property assessments will automatically reflect a property’s market value as of July 1, 2007 or July 1, 2008, whichever is lower. This will include residential properties.
- Financial hardship property tax deferment program – Land Tax Deferment Act – Implement a program allowing British Columbians facing financial hardship related to current economic conditions and with at least 15 per cent equity in their homes to defer their 2009 and 2010 property taxes.
- Protection of RRSPs from creditors – Court Order Enforcement Act, Pension Benefits Standards Act and Law and Equity Act – Protect registered retirement savings plans, other similar registered plans and additional voluntary contributions made to pensions from seizure by creditors. Read more
Question Period Topics
- Salaries for government executives
- Government spending on advertising
- Government action on child poverty
Status of Bills:
BILLS INTRODUCED
Government Bills
