B.C. premier extends mining tax credit, launches environment assessment review

VANCOUVER – The B.C. government will extend a $10-million tax credit program for the province’s mining industry in an attempt to attract investment.

Premier Christy Clark made the announcement at a mineral exploration convention in Vancouver, saying the flow-through share tax credit program will raise more revenue for mineral exploration and development.

The program, which expired last month, allowed companies to transfer unused income tax deductions to their investors through a non-refundable 20-per-cent tax credit.

The premier has also launched a review of the environmental assessment process, which she says has become less certain, less predictable and less efficient.

The premier touted the success of her jobs plan, saying the mining industry has created more than 800 jobs since 2011 due to two new mines, with more to come.

There are currently has 20 major mines and expansions going through B.C.’s environmental assessment and permitting processes.