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Volume 58, No. 10

76/2015

The British Columbia Gazette,

Part II

May 19, 2015

B.C. Reg. 76/2015 , deposited May 19, 2015, under the ASSESSMENT ACT [section 20 (4) (b)]. Order in Council 264/2015, approved and ordered May 19, 2015.

On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that the Depreciation of Industrial Improvements Regulation, B.C. Reg. 379/88, is amended as set out in the attached Schedule.

— C. OAKES, Minister of Community, Sport and Cultural Development ; J. RUSTAD, Presiding Member of the Executive Council .

Schedule

Section 1 of the Depreciation of Industrial Improvements Regulation, B.C. Reg. 379/88, is amended by adding the following

definitions:

“LNG improvement” means an industrial improvement that is part of a major LNG plant or part of an industrial improvement that is part of a major LNG plant;

“major LNG plant” means a plant that is designed

(

a) to process natural gas, and

(

b) to produce at least 4 million tonnes of liquefied natural gas per year,

and includes associated facilities used for the loading of liquefied natural gas onto sea going ships or barges and storage facilities that are ancillary to those loading facilities.

Section 2 (1) is amended by renumbering the

section as

section 2.

3 The following sections are added:

Major LNG plants that have not commenced operation

3.1

(1) For the purposes of

section 20 of the Act, this

section prescribes the depreciation rate for an LNG improvement that is part of a major LNG plant that has not commenced operation.

(2) The depreciation rate is 40% for the year that the construction or installation of an LNG improvement commences and for each following year up to and including the year before the year that the major LNG plant commences operation.

Major LNG plants that have commenced operation

3.2

(1) For the purposes of

section 20 of the Act, this

section prescribes the depreciation rate for an LNG improvement that is part of a major LNG plant that has commenced operation.

(2) Subject to

section 4, the depreciation rate for an LNG improvement whose construction or installation commenced before or in the year that the major LNG plant commenced operation is the rate set out in column 2 for the year set out in column 1 of the following Table 1:

Table 1

Item Column 1

Year Column 2

Depreciation Rate (%)

Year that plant commenced operation and following 14 years

15th year after year that plant commenced operation

16th year after year that plant commenced operation

17th year after year that plant commenced operation

18th year after year that plant commenced operation

19th year after year that plant commenced operation and following years

(3) Subject to

section 4, the depreciation rate for an LNG improvement whose construction or installation commenced in a year after the year that the major LNG plant commenced operation is the rate set out in column 2 for the year set out in column 1 of the following Table 2:

Table 2

Item

Column 1

Year

Column 2

Depreciation Rate (%)

Year that construction or installation of improvement commenced and following 14 years

15th year after year that construction or installation of improvement commenced

16th year after year that construction or installation of improvement commenced

17th year after year that construction or installation of improvement commenced

18th year after year that construction or installation of improvement commenced

19th year after year that construction or installation of improvement commenced and following years

Section 4 (4) is amended by striking out “ sections 2 and 3 ” and substituting “ sections 2, 3 and 3.2 ” .

Section 5 is amended by striking out “

section 2 or 3 ” and substituting “ this regulation ” .

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