VICTORIA —A program that provides refunds on machinery and equipment tax in B.C. will continue.
Officials announced that the program, which is part of StrongerBC, will continue for another six months. The program refunds businesses provincial sales tax paid on select machinery and equipment.
According to the province, most applicants are small and medium-sized businesses. The construction industry is the largest recipient by sector, followed by transportation and retail.
The province stated the extension is meant to give businesses another chance to reduce costs and make new investments to adapt to the changes the pandemic has required. Officials also want businesses positioned to take advantage of future opportunities.
“When we consulted with the business community on our StrongerBC Economic Recovery Plan, they told us a PST rebate would help them make the kind of capital investments that would not just be about short-term recovery, but also long-term growth,” said Selina Robinson, minister of finance, in a statement. “As the program deadline approaches, we see there is still a need, so we are extending the program to give more businesses time to apply.”
Businesses will have until March 31, 2022 to buy qualifying items like tools, furniture, computers, software and zero-emission vehicles and charging equipment.
According to the province, almost 2,000 businesses have received millions in rebates on more than $100 million in qualifying equipment and machinery so far, with most applications still expected in the coming months.