The B.C. government will accelerate income tax cuts, provide further tax relief to small businesses, and other measures to help British Columbians deal with the global economic crisis. Premier Gordon Campbell announced 10 key actions Wednesday night in a televised broadcast from the legislature in Victoria. The three per cent personal income tax reduction planned to take effect on Jan. 1, 2009, will be fast-tracked. The government had reduced income tax by two per cent in July. "We will accelerate that income tax retroactive to last January. This will mean the full five per cent personal income tax cut will be in place for this year, retroactive to Jan. 1, 2008," Campbell said. "This will put an additional $144 million back into taxpayers' pockets. That's good news for your home economy and it's good news for our provincial economy."
For small businesses, which make up 98 per cent of the province's business section, Campbell said the 2.5 per cent tax reduction planned by 2011 will now take effect on Dec. 1 of this year. Campbell also announced he will recall the legislature for an unplanned sitting on Nov. 20, to implement the measures. The legislature is currently not in session because in September, Campbell's Liberal government cancelled the fall sitting that was to begin Oct. 6.
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