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Federal Liberals promise to cancel tax break for oil sands industry
| iNews 880 | April 03, 2011
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The federal Liberals say their plan to end what they call a “generous tax break” for oil sands companies won’t hurt the industry.
According to the Liberal platform, cancelling the Accelerated Capital Cost Allowance right away will put 500 million back into government coffers.
Mary MacDonald is the Liberal candidate for Edmonton-Centre, and she says the cash can be used to spur cleaner and more sustainable energy.
“Our argument is that it’s already a thriving industry,” says MacDonald. “We don’t need the incentives to spur development.
“Those incentives now need to be placed in terms of making the industry more sustainable and that we have to get with the program sooner rather than later.”
The Liberals also say they will establish a cap-and-trade system, which would limit the amount of greenhouse gas emissions by large industrial facilities. (ph)
Tagged with: canada, election, tax exemptions, liberal party of canada
