Reducing taxes on business
We all know why businesses, workers and investment fled BC in the 1990s. Under the NDP, taxes were sky-high and investment was discouraged. Businesses faced a crisis of confidence. Since 2001, we’ve turned that around, with over 120 tax cuts for individuals and businesses. The Opposition fought them all.
Small business is our economy’s backbone. You don’t build confidence by ignoring their advice. You build it by listening to them, learning from them and working with them. That’s what the BC Liberal government will continue to do.
The NDP voted against our reductions to income tax rates for small businesses and corporations. They voted against the elimination of the corporate capital tax, the removal of sales tax on machinery and equipment, and training tax credits for employers and employees. They said “no” to doubling the threshold for small business income, which has enabled many more small businesses to qualify for lower tax rates.
Our Platform provides additional tax relief to attract and expand businesses in British Columbia. Here are just a handful of new tax cuts that were introduced in the Premier’s economic plan and in the Budget this year:
- 44 per cent reduction in small business income taxes in 2008
- Reduction in general corporate income tax rate to the lowest rate in Canada by 2011
- New Industrial Property Tax Credit of 50 per cent of provincial school property tax payable by light and heavy industries
- Extended BC Mining Flow-through Share Tax Credit
- Extended film tax credits and expanded eligibility for Film Incentive BC tax credit
A BC Liberal Government will continue to reduce taxes as revenues allow. We will continue to use every penny of revenue collected from the carbon emissions tax to reduce taxes. We will reduce the small business income tax to the lowest rate in Canada by April 1, 2012, and raise the small business income threshold to $500,000 on January 1, 2010. We will also double the BC Training Tax Credit, effective July 1, 2009.
