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July 14/21, 2003
New Ont regulations aim to encourage construction of clean energy facilities
TORONTO, ONT-New regulations filed by the Ontario government will provide substantial tax incentives for companies considering construction of facilities for electricity generation from clean, alternative or renewable energy sources. The regulations fulfill a government pledge made last November to provide such incentives. They include an immediate, 100% corporate income tax write-off for assets acquired after November 25, 2002 and before January 1, 2008 that are used to generate electricity from clean, alternative or renewable energy sources. During the stated period as well, the regulations provide for a sales tax rebate on building materials used for such facilities, as well as a ten-year property tax holiday on eligible facilities that begin generating electricity from clean, alternative or renewable energy source. The corporate income and sales tax incentives will apply to certain nuclear power facilities in Ontario, a move which is expected to help companies like Bruce Power re-start additional reactors at its site in Kincardine. More information is available from Kaili Sermat-Harding at the Ministry of Energy, 416/327-5555.