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N.B. redistributes $163 million in carbon tax revenue, cuts personal income tax

N.B. redistributes $163 million in carbon tax revenue, cuts personal income tax
Business
FREDERICTON - New Brunswick’s finance minister is returning $28 million to New Brunswickers through a personal income tax cut.

Ernie Steeves says the benefit is part of the government’s commitment to recycle $163 million in revenue generated from the carbon tax.

Steeves says the change would reduce the income tax rate on the first tax bracket from 9.68 per cent to 9.4 per cent for the 2021 taxation year, benefiting more than 420,000 taxpayers.

The proposed savings would begin on July 1 and be reflected when New Brunswickers file their 2021 tax return next spring.

The government says $78 million will be returned to taxpayers through a reduction in gasoline and diesel taxes, and $36 million will be allotted to the Climate Change Fund.

Steeves says $12 million will go toward subsidizing natural gas distributor Liberty Utilities to offset the cost of the carbon tax, and $9 million will be given to First Nations.
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