Photo supplied by the province.

By Curtis Galbraith

Provincial Politics

Corporate tax cut bill introduced

May 29, 2019 | 5:30 AM

The province has officially introduced legislation that would see a cut in corporate taxes.

The bill, called the Job Creation Tax Cut, would see the tax rate go from 12 percent to 11 percent July 1 and then drop one percentage point every New Year’s Day until it reaches eight percent on January 1, 2022.

Finance Minister and Grande Prairie-Wapiti MLA Travis Toews says what he calls “a bold move” was needed after investors left Alberta.

“We recognize that we’re competing for capital, not only within the country, but within the continent and, in fact, globally. We know from an energy investment stand-point (that) Texas, the Dakotas, (and) Colorado, are competitors for energy investment and are competitors that we have to be aware of and so that was part of the reason why we believed we needed to go to eight percent.”

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He adds there may be a chance to speed up the cuts.

“At this point in time, we’re pressing forward on this schedule and we’re confident that this move will attract investment to the province (and) create jobs and opportunities for all Albertans.”

Toews was asked how the government would make up for the revenue it would be giving up.

“When the NDP government basically moved corporate taxes from 10 to 12 percent, they collected less in corporate tax revenue the next year, so we know that there’s great sensitivity to investment and corporate tax rates.”

The small business tax rate will stay at two percent.