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"Point in Time" Regulation Content

Columbia Basin Trust Act

Exemption Regulation No. 4

B.C. Reg. 331/2012

 Regulation BEFORE repealed by BC Reg 269/2019, effective December 16, 2019.

B.C. Reg. 331/2012
O.C. 772/2012
Deposited November 23, 2012

Columbia Basin Trust Act

Exemption Regulation No. 4

Exemption

1   Land and improvements owned by the Waneta Expansion General Partner Limited are exempt from 49% of the taxes described under section 31 (3) of the Columbia Basin Trust Act for the 2013 and subsequent taxation years if included in a power generation, transmission or distribution facility constructed in whole or in part by or on behalf of the Columbia Basin Trust.

Rescission of exemption

2   An exemption of land or an improvement under section 1 is rescinded if

(a) the land or the improvement is not owned by the Waneta Expansion General Partner Limited, or

(b) the combined ownership interest of 2 or more of the following in either the Waneta Expansion General Partner Limited or the Waneta Expansion Limited Partnership is less than 49%:

(i) Columbia Basin Trust or a subsidiary of Columbia Basin Trust;

(ii) Columbia Power Corporation or a subsidiary of Columbia Power Corporation;

(iii) the government.

[Provisions relevant to the enactment of this regulation: Columbia Basin Trust Act, R.S.B.C. 1996, c. 53, section 31 (3)]