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Volume 51, No. 13

B.C. Reg. 209/2008

The British Columbia Gazette,

Part II

July 1, 2008

B.C. Reg. 209/2008 , deposited June 27, 2008, pursuant to the SMALL BUSINESS VENTURE CAPITAL ACT [Section 37]. Order in Council 505/2008, approved and ordered June 26, 2008.

On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders the following:

1 The Small Business Venture Capital Regulation, B.C. Reg. 390/98, is amended as set out in the Schedule.

Section 4 of the

Schedule comes into force on January 1, 2009.

— C. HANSEN, A/Minister of Finance; G. CAMPBELL, Presiding Member of the Executive Council.

Schedule

Section 1 (1) of the Small Business Venture Capital Regulation, B.C. Reg. 390/98, is amended by adding the following definition:

"greenhouse gas" has the same meaning as in the Greenhouse Gas Reduction Targets Act ; .

Section 11 (1) is amended by adding the following paragraph:

(

f) the manufacture and processing and research and development within British Columbia for commercial exploitation of technologies that

(

i) increase energy efficiency and conservation,

(ii) reduce greenhouse gas emissions, or

(iii) reduce the environmental impact of energy production, generation, storage, transmission, delivery, provision or conversion.

Section 21 is repealed and the following substituted:

Annual maximum venture capital incentive

21 For the purposes of

section 29.1 (1) of the Act, the annual maximum venture capital tax credit for the 2008 calendar year is the total of the following:

(a) $17 000 000;

(b) $3 000 000, if the eligible investment is outside the Greater Vancouver Regional District or the Capital Regional District;

(c) $5 000 000, if the eligible investment is substantially engaged in an activity prescribed under

section 11 (1) (e);

(d) $5 000 000, if the eligible investment is substantially engaged in an activity prescribed under

section 11 (1) (f).

Section 21 is amended

(

a) by striking out "2008 calendar year" and substituting "2009 calendar year and for each subsequent year",

(

b) in paragraph (

a) by striking out "$17 000 000" and substituting "$14 500 000", and

(

c) in paragraph (

d) by striking out "$5 000 000" and substituting "$7 500 000".

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