Canada Offers Carbon Capture Tax Credit to Reduce Emissions
- Federal government proposes as much as 60% tax credit rate
- Program will help lower carbon footprint of energy producers
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Prime Minister Justin Trudeau is rolling out one of Canada’s largest single industrial tax incentives to fund carbon capture projects as his government tries to deliver on ambitious climate goals by offsetting emissions from the country’s energy sector.
In a federal budget unveiled on Thursday, Trudeau proposed a refundable investment tax credit to encourage the country’s oil and gas companies to move more quickly to lower emissions.