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Paul Falvo was surfing novascotia.cbc.ca and sent you this CBC News story with the comment:
"More Corporate Welfare."
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TORIES PUSH TAX BREAK FOR IMPERIAL OIL
HALIFAX -
The Conservative government is trying to create a new law so Imperial Oil gets a break on its tax bill.
The Halifax Regional Municipality was expecting a major increase in the property assessment of the company's Dartmouth refinery, which was recently expanded.
With a higher assessment, the property tax would go up. But company officials threatened to shut the refinery down if there was a substantial hike in their tax bill.
The minister responsible for the property assessment system, Barry Barnet, says closing the refinery would mean more than the loss of 200 jobs. "[It] would have a tremendous impact on fuel prices, so this oil refinery impacts every Nova Scotian."
Barnet introduced a bill Friday to cap the increase to Imperial Oil's tax bill. The company would only have to pay $1.4 million more this year.
As a result, the Halifax region will have to cut its budget by $600,000. The municipality was expecting $2 million from Imperial Oil in property taxes.
"We believe it is a heavy-handed approach to deal with assessment capping," says Mayor Peter Kelly, adding he's already getting calls from other businesses requesting the same break.
Liberal MLA Gerald Sampson says he understands the need to protect jobs, but he's worried this move will set a precedent. "What about Stora, Britex, small wood producers like Fine Wood Flooring in Middle River? My fear is that other companies will be coming forward and wondering, 'what about me.'"
The proposed legislation gives the province the power to set the property taxes for future liquified natural gas plants. Barnet says his department will begin an overall review of the province's industrial taxation system.
From April 14, 2004 - Councillors pull out $2M wish list
From March 12, 2004 -
Assessment change has HRM scrambling
Copyright © 2004 CBC All Rights Reserved
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This story, forwarded to you by falvo@yk.com,
appears on http://cbc.ca at the following URL:
http://novascotia.cbc.ca/regional/servlet/View?filename=ns_imperialtax20040507
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