Supports to energy companies will include an exemption from property taxes for three years when drilling new wells and building new pipelines. The government will also eliminate the Well Drilling Equipment Tax province-wide for new drills.
Additionally, the government will lower assessments for less productive oil and gas wells while continuing the recently introduced 35 per cent assessment reduction on shallow gas wells for three years. These measures are to provide much-needed certainty to industry, investors, municipalities and other taxpayers now and into the future.
Arriving at a solution that benefits both rural municipalities and the energy industry is the result of a commitment to consult with and listen to our partners in both sectors. In the coming months, government will be developing a plan for longer-term reviews of the regulated assessment system and remains committed to continued consultations and open dialogue.
