for battery plants in Ontario, which have recently dominated public attention. Speaking to reporters last week after announcing a package for Stellantis worth as much as $15-billion, Finance Minister Chrystia Freeland identified finalizing the tax credits and the Canada Growth Fund’s scale-up as next steps in courting broader investment.
“I’ve never seen so many of our members saying, ‘I’m getting so much pressure from the U.S.,’” said Dennis Darby, president of the industry group Canadian Manufacturers and Exporters. Companies want to stay in Canada and invest here, he said, and the tax credits should help. But “slow execution, in terms of the rules, timing, what is and is not included, and conditions to qualify” are making them anxious.
But Cement Association of Canada president Adam Auer – whose members include Germany’s Heidelberg Materials, which is aiming to build the sector’s first large-scale North American CCUS facility in Edmonton – said retroactivity isn’t worth much until the measure gets through Parliament. In other sectors, especially electricity, the issue is less about timing than confusion about how the tax credits promised for the first time in this year’s budget will work.
Source: Car News Wire (carnewswire.net)
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