Premier Gallant announces legislation will be introduced next month to repeal the LNG tax concession as requested by the last council pic.twitter.com/UeJbj46yq0
— Tamara Steele (@tamarasteele1) October 25, 2016
The Provincial governement will be repealing the tax concession issued by the Conservative government of then Premier Bernard Lord for Canaport LNG.
10 years later, Common Council requested that the concession be repealed.
Premier Brian Gallant announcing that his government will introduce legislation next month to rescind the 2005 tax break.
He says as a goverment they understand this is important to Common Council and that they are speaking on behalf of Saint Johners.
This legislation will repeal the 2005 tax break with effect for the 2017 taxation year.
Gallant says the province will set aside the gain revenue in a special account to protect the financial integrity of the province, the City of Saint John and other local governments that receive equalization transfers until any appeal from the company is resolved.
He says when the property valuation is finalized the balance in the account including interest will be paid to Saint John and any other entitled local governments.
SJ Mayor Don Darling says any increase resulting from this change will go to core services. pic.twitter.com/P95BhB170M
— Tamara Steele (@tamarasteele1) October 25, 2016
