In a one-minute presentation at the legislature on Tuesday afternoon, New Brunswick Finance Minister Ernie Steeves introduced "an Act Respecting Heavy Industrial Property." Steeves said it would "establish a new heavy industrial property classification" that local governments can use for setting specific tax rates. © Jacques Poitras/CBC Nearly half of Belledune's local tax revenues come from heavy industry like NB Power's coal-fired generating station. Two years ago, Saint John estimated about $12 million of the $125.8 million it raised in property tax revenue at the time came from heavy industry. © Hadeel Ibrahim/CBC Saint John Mayor Donna Reardon welcomed news the city will have more flexibility to set property tax rates next yearInitial reaction from manufacturers was muted.

Source: CBC News June 01, 2022 03:30 UTC