The provincial government has introduced legislation to implement the government's 10-point plan to deal with the global financial crisis.
The Economic Incentive and Stabilization Statutes Amendment Act will change various pieces of legislation:
Income Tax Act changes will reduce individual and small business income taxes.
Amendments to the Land Tax Deferment Act will create a new program to allow homeowners who face financial hardship and have at least 15% equity in their homes to defer their 2009 and 2010 property taxes.
School Act changes will introduce an industrial property tax credit for 2009 and future years with owners of major or light industrial property receiving a credit that reduces their school property taxes by 50%.
Amendments to the Financial Institutions Act will enhance supervisory powers of the Financial Institutions Commission and eliminate the $100,000 cap on deposit insurance for funds held in B.C. credit union accounts.
The government is also introducing changes to the Law and Equity Act in anticipation of the new Tax Free Savings Account to ensure that a designation of a beneficiary will be honoured on the account-holder's death.
Amendments to the Court Order Enforcement Act and the Pension Benefits Standards Act will help create RRSPs and protect similar funds inside other registered plans from seizure by creditors.