Bc Revenue Neutral Carbon Tax
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Going forward bc has earmarked its carbon tax revenues above 30 tonne rather than.
Bc revenue neutral carbon tax. The tax was announced in february 2008 and was implemented in july 2008 at a rate of 10 per tonne of co2 rising in 5 annual increments to the current price of 30 tonne. British columbia s finance minister carole taylor introduced a revenue neutral carbon tax today that will serve as an excellent model for the united states. British columbia s carbon tax b c s carbon tax provides a signal across the economy to reduce emissions while encouraging sustainable economic activity and investment in low carbon innovation. However in the eight years since it was introduced the offsetting tax measures used in the government s revenue neutral calculation have changed prompting questions about whether the carbon tax is still revenue neutral.
British columbia s carbon tax is often praised as a model for other jurisdictions to follow in part due to its alleged revenue neutrality. British columbia is the only jurisdiction in north america with a revenue neutral carbon tax that taxes greenhouse gas emissions ghgs from individuals and businesses alike. By 2013 14 the government was no longer solely relying on new tax reductions to offset carbon. Government reports in its official documents which claim that the total value of tax cuts more than offsets carbon tax revenue.
In 2008 the canadian province of british columbia introduced north america s first revenue neutral carbon tax applied to the purchase or use of fuel in british columbia. In 2008 british columbia implemented the first comprehensive and substantial carbon tax in north america. By 2021 the tax is slated to reach 50 ton but the current british columbia government is examining modifying the revenue neutral aspect of the programme in order to allocate funding for green. The carbon tax has been hailed as the most comprehensive of its kind covering approximately 70 of provincial emissions.
In other words b c s carbon tax ceased being revenue neutral in 2013 14. By 2012 the tax had reached a level of c 30 t co 2 and it covers about three quarters of all greenhouse gas emissions in the province this paper reviews existing evidence on the effect of the tax on greenhouse emissions the economy and the distribution of income and provides new. Bc carbon tax is its goal of revenue neutrality meaning that all revenues raised by the tax a re to be recycled to bc households and businesses largely in the fo rm of tax cuts. Whether or not it is revenue neutral repealing a carbon tax leaves a hole in a government s budget that typically will need to be filled by increasing another tax potentially rekindling anger among voters just as they have gotten used to the carbon tax.
According to a story in the canadian press the carbon tax will be effective july 1 will be phased in over five years and will start at a rate of 10 per tonne of carbon emissions.
