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 BC Budget Update Highlights as it relates to tech
Fiscal projections:
- Projected deficit of $2.775 billion this year, $1.725 billion next year and $945 million the year after.
- Since Feb. 2009, government revenue projections have fallen $3.9 billion across the three-year fiscal plan period. The projected reductions in these revenues will be partially offset by the $1.6 billion federal government HST transition payments, for a net three-year loss of $2.3 billion
- Government Operating Debt will rise from $7.4 billion to $10.5 billion. Once capital debt of government and crown corporations is added in, the total provincial debt will increase from $37.7 billion this year to $52.7 billion by the end of fiscal 2011/2012.
Tax measures:
- Basic Personal Exemption is increasing from $9,373 to $11,000
- Corporate Income Tax Small Business Threshold is increasing from $400,000 to $500,000
- Basic Training Tax Credit (business tax credit for apprentices) is increasing from $2,000 to $4,000
- General corporate income tax rate is decreasing from 11% to 10.5% effective January 1, 2010 and to 10% effective January 1, 2011.
- Film tax credit expiry dates were removed (some were slated to expire this year and some in 2013)
- A Temporary Social Service Tax exemption for energy-efficient commercial boilers was introduced, and exemptions for residential energy star equipment were extended.
Regulatory barriers:
- Introduced tax exemptions for devices to reduce idling.
- Expanded tax exemptions for aerodynamic improvements to trucks.
- Provided an alternative fuel classification (for tax purposes) for hydrogen used as a motor fuel.
Clean technology:
- With the introduction of HST, the levy that funded the ICE fund will disappear. However, in this budget, the government has committed to ensuring that the fund continues to be financed in accordance with its mandate. No specific figures are cited, but in the official fiscal plan estimates for the Ministry of Small Business, Technology, and Economic Development, the projected funding remains at $25 million per year for the three-year fiscal plan.
Research:
There were three specific research announcements:
- $21.8 million for a new technology project at UNBC to convert waste wood into clean energy, and to improve energy efficiency.
- $27.6 million for a campus expansion at Okanagan College, which includes a Centre for Green Building Technologies.
- $7.8 million for the Energy House project at Northern Lights College in Dawson Creek. The Energy House - which has significant private sponsorship - will specialise in LEED Platinum education and research with a focus on alternative energy.
By Don Safnuk, Corporate Recruiters Ltd. Don can be contacted at don@corporate.bc.ca
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