Business
Ocean Energy Qualifies for Canadian 'Flow-Through' Tax Benefits
Ocean Energy Qualifies for Canadian 'Flow-Through' Tax Benefits.
About this update from Solar Alliance Energy Inc.
[{"type":"text","content":"\n\n\n\nNatural Resources Minister Applauds Finavera Renewables' Leadership\n\n\nVANCOUVER, CANADA, May 18 /CNW/ - Finavera Renewables Inc. (the 'Company'\nor 'Finavera Renewables') (TSX-V:FVR) would like to acknowledge the Government\nof Canada for extending flow-through tax credits to the ocean renewable energy\nsector. In its 2007 Budget introduced March 19th, the Canadian government made\nocean energy eligible for the Canadian Renewable and Conservation Expense and\nthe Accelerated Capital Cost Allowance.\n\n\nThe new tax credits will significantly incentivise capital to move into\nthe ocean energy sector. The 'flow-through' tax credit (which is currently\navailable for mineral exploration and qualifying renewable energy development\nand test projects) now encourages investment in ocean energy resource\nassessment as well as for certain capital expenditures on equipment that\ngenerates electricity from ocean energy, through the offering of tax\nincentives to investors.\n\n\nFinavera Renewables CEO Jason Bak said, "This tax initiative is critical\nfor the development of the ocean energy industry which has the potential to be\na cornerstone in Canada's new energy economy. We would like to congratulate\nthe Canadian government for having the foresight to extend this tax treatment\nto the rapidly developing ocean energy sector. I believe this support presents\na market driven solution that will contribute significantly to the\ncommercialization of ocean energy technology. As a result, this will\nstrengthen Canada's environmental and economic performance and help develop a\nworld leading ocean energy industry."\n\n\nIn a letter to the Company, Natural Resources Minister Gary Lunn said,\n"On March 19, 2007, our government displayed its commitment to the environment\nand renewable energy by announcing the extension of the accelerated capital\ncost allowance and Canadian Renewable and Conservation Expense (CRCE) to ocean\nenergy and other renewables. As active proponents of this amendment, Finavera\nRenewables helped to successfully illustrate to government the utility of\nthese market driven tax incentives to support Canada technology and domestic\nindustry."\n\n\nLunn concluded, "Through the implementation of these important tax\nincentives, the Government of Canada is investing in technologies that\ncontr...