Major Changes Coming to British Columbia's Carbon Tax
British Columbia will raise its carbon tax for the first time in five years, according to an article by Kristin Eberhard.
On September 11, the British Columbia New Democratic Party (NDP) released its four-year budget [pdf], revealing that it will increase the province’s carbon tax by $5 per metric ton each year, reaching $50 per metric ton in April 2021. Hallelujah! This exciting change in BC climate policy is thanks in part to the small but mighty BC Green Party, which helped bring the NDP to power after this year’s election.
The NDP also announced a change to the policy in how the revenue raised by the carbon tax can be spent. Previously, all revenue had to be returned to taxpayers in the form of tax breaks or credits. Now, "BC will spend $40 million to increase tax credits to low and modest income [pdf] British Columbians," and the "government will also use new carbon revenue to help families pay for green initiatives such as home retrofits or low carbon transportation," writes Eberhard.