The legislation to repeal the 25 year tax break granted for Canaport LNG has been officially introduced in the provincial legislature by the Gallant Government.
The 2005 tax deal caps the annual property tax at $500,000 until 2030 and Saint John council requested that the concession be repealed.
In late October, premier Brian Gallant came to Saint John to announce that they would be introducing this legislation in November.
Service New Brunswick is doing a revaluation of the property to extimate the property’s market value for the beginning of next year.
The legislation is called The Act to Repeal An Act to Comply with the Request of the City of Saint John on the Taxation of the LNG Terminal and was tabled by Saint John Harbour MLA and Service New Brunswick Minister Dr. Ed Doherty.
In a news release, Doherty says this will ensure fair taxation on the LNG property and says the government is doing the right thing for Saint John.
