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Non-Tech : IRVING

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From: Dennis Roth	7/1/2005 9:01:33 AM
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Irving wins tax break from N.B. legislature N.B. legislature ends on tax cut debate Canadian Press July 1, 2005 canada.com FREDERICTON -- The New Brunswick legislature has adjourned after a session that included heated debate on whether the powerful Irving interests deserve the big tax break they're about to get. One of the final acts in the legislature was approval of a bill giving the City of Saint John the power to cut a sweetheart tax deal with Irving Oil for a new liquefied natural gas terminal. The legislation clears the way for the city to cap property taxes on Irving Oil's planned LNG terminal at $500,000 a year. That's roughly one-tenth of what the development would normally be taxed. Critics say Saint John will miss out on $100 million in taxes and interest over the 25-year lifespan of the LNG agreement. © Canadian Press 2005

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