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| B.C. Reg. 24/2006 Victoria Regional Transit Commission |
Deposited February 17, 2006 |
| This archived regulation consolidation is current to April 21, 2006 and includes changes enacted and in force by that date. For the most current information, click here. |
A regulation to prescribe a tax on land and improvements and to implement
a tax on motor fuel in accordance with section 15 (2) (b) of the
British Columbia Transit Act and section 12.1 of the Motor Fuel Tax Act.
WHEREAS British Columbia Transit has established a regional transit service area (the "Victoria Regional Transit Service Area") being an area comprising the areas within all incorporated municipalities of the Capital Regional District and the areas of the Juan de Fuca Electoral Area outside the Malahat Land District;
AND WHEREAS the Victoria Regional Transit Commission (the "Commission") is required to contribute a prescribed portion of the annual cost of operating a public transportation system within the Victoria Regional Transit Service Area;
AND WHEREAS the Commission may, in accordance with section 15 (2) (b) of the British Columbia Transit Act and section 12.1 of the Motor Fuel Tax Act, raise the prescribed portion of such annual cost by means of a tax on the net taxable value of land and improvements and a tax on motor fuel;
AND WHEREAS the estimated annual cost of operating the public transportation system in the Victoria Regional Transit Service Area for the year commencing April 1, 2006 is $68 306 000, and the Commission's share of such cost is $49 297 000;
AND WHEREAS the amount required to be raised by the Commission after deducting estimated annual revenues is $19 106 000;
AND WHEREAS, of the amount to be raised by the Commission, it is estimated that $11 056 000 will be raised by a tax on the net taxable value of land and improvements under section 15 (2) (b) of the British Columbia Transit Act, and $8 050 000 will be raised by a motor fuel tax under section 12.1 of the Motor Fuel Tax Act;
THEREFORE the Victoria Regional Transit Commission, in open meeting assembled, enacts as follows:
1The Victoria Regional Transit Commission,
(a)in accordance with section 15 (2) (b) of the British Columbia Transit Act, prescribes a tax on the net taxable value of land and improvements as set out in this regulation, and
(b)will apply, to the prescribed portion of the estimated annual cost of operating the public passenger transportation system in the Victoria Regional Transit Service Area, the revenues raised within the Victoria Regional Transit Service Area pursuant to section 12.1 of the Motor Fuel Tax Act.
2The Victoria Regional Transit Commission, under section 15 (2) (b) of the British Columbia Transit Act, prescribes, for the year 2006, a tax on the net taxable value of land and improvements in the Victoria Regional Transit Service Area, other than land and improvements that are taxable for school purposes only by special Act and land and improvements within those parts of the Capital Regional District described in section 3 of this regulation, at the rate of $0.1303 per $1 000 of the net taxable value of land and improvements of property in Class 1, $0.8522 per $1 000 of the net taxable value of land and improvements of property in Classes 2, 4, 5, 6 and 7, and $0.1303 per $1 000 of the net taxable value of land and improvements of property in Classes 8 and 9, which classes are designated from the classes prescribed under section 19 of the Assessment Act.
3In the event that the taxes referred to in this regulation and the annual revenue estimated to accrue to the Commission are less than sufficient for the Commission to raise its prescribed portion of the annual cost of operating the public passenger transportation system for the year commencing April 1, 2006, the shortfall shall be taken from the funds held in trust by British Columbia Transit for the Commission.
4In the event that the taxes referred to in this regulation and the annual revenue estimated to accrue to the Commission are more than sufficient for the Commission to raise its prescribed portion of the annual cost of operating the public passenger transportation system for the year commencing April 1, 2006, the excess shall be added to the funds held in trust by British Columbia Transit for the Commission.
[Provisions relevant to the enactment of this regulation: British Columbia Transit Act, R.S.B.C. 1996, c. 38, section 15 (2) (b), and Motor Fuel Tax Act, R.S.B.C. 1996, c. 317, section 12.1]
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