EverWind Fuels commends Cdn. budget legislation that includes tax credit for cleantech mfg. properties
by CM Staff
Bill C-69 provides a tax credit for certain investments in clean technology manufacturing property.
HALIFAX — EverWind Fuels, a clean hydrogen project, praised the Royal Assent of Bill C-69, the budget implementation legislation that includes investment attraction measures critical to ensuring Canada maintains an edge in the fiercely competitive global clean energy space.
Specifically, Bill C-69’s passage into law provides “a refundable tax credit to qualifying businesses for investments in certain clean hydrogen projects.” It also provides a tax credit for certain investments in clean technology manufacturing property. Now officially enshrined in Canadian law means the Clean Hydrogen Investment Tax Credit (ITC), first announced in the 2022 Fall Economic Statement, is operational and accessible before similar investment attraction measures contained in the U.S. Inflation Reduction Act are available to investors and project proponents.
Federal ITC’s will try to provide numerous economic benefits to Canada’s nascent clean hydrogen sector including job creation, economic growth and billions of dollars in tax revenues to all levels of government. Key environmental benefits may include supporting efforts to decarbonize Nova’s Scotia’s grid by replacing coal with zero-emission renewables.
Trent Vichie, Founder and CEO, EverWind Fuels, said:
“The passage into law of the Clean Hydrogen ITC is a major step forward for Canada’s global leadership in the future energy economy. Having these incentives in place before U.S. measures sends a signal to the world to choose Canada which is exactly what we’ve done. Canada has now put the public policy framework in place that will create well paying jobs while we continue to lower emissions and boost economic Reconciliation with our Indigenous Partners.”
