Premier Christy Clark announced at Roundup 2017 Monday that the B.C. government will provide Geoscience BC with $10 million in funding over two years to further support its work in encouraging mineral, coal, and oil and gas exploration.
The province is also extending and enhancing tax incentives to mineral exploration companies.
The province is extending the B.C. mining flow-through share tax credit to Dec. 31, 2017. The previous tax credit expired Dec. 31, 2016. B.C. is also amending the provincial Income Tax Act to make environmental studies and community consultations eligible for B.C.’s mining exploration tax credit, which mirrors a similar incentive now provided by the federal government. The tax changes are subject to the approval of the Legislative Assembly.
Geoscience BC was established in 2005 through an initial $25 million investment from the B.C. government. Since that time, and including the funding announced yesterday, the province has provided it with $71.7 million in funding to help further mineral and energy geoscience initiatives. Geoscience BC has also secured more than $23 million in additional funding from the resource sector, academia and other government sources. B.C. is the only province in Canada that utilizes an organization such as Geoscience BC to assist in the delivery of public geoscience.