British Columbia is leading not just Canada, but the world, in this issue," said Taylor. "We have looked everywhere to find another carbon tax that is as broad-based ... we can't find any other model in the world that is so comprehensive."
So says Finance Minister Carole Taylor who filed Bill 37, or the Carbon Tax Act of 2008, in British Columbia’s provincial parliament this week.
The tax is set to take effect on July 1st, and will initially impose a $10 surcharge for each metric tonne of CO2 emissions. That’s about 2.5 cents for each liter of gas. As the bill phases in, that will increase to 7.25 cents per liter of gas by 2012.
The bill is intended as a tax shift and therefore is designed to be revenue neutral. Businesses and individuals will receive reductions in other taxes to offset the “cost of carbon”.
The aim is for the legislation to assist in British Columbia’s goal of reducing carbon emissions one-third by 2020.