Kenney promises $10 billion in infrastructure spending, immediate cut to corporate income tax rate to boost economy
Source: Edmonton Journal
Author: Ashley Joannou
Date: June 20, 2020
The Alberta government is promising billions of dollars worth of infrastructure spending and an immediate cut to the corporate income tax rate as part of an effort to boost the economy.
At an announcement Monday, Premier Jason Kenney said the tax rate would be cut from 10 to eight per cent on July 1. The province will also suspend the vast majority of employees allowed in through the temporary foreign workers program and reduce the number of immigration certificates given out by one-third.
The premier and Finance Minister Travis Toews said more details about specific plans will be released over the next weeks and months, but they estimate $10 billion in infrastructure funding could create 50,000 jobs as the economy struggles due to the COVID-19 pandemic and the spring oil crash.
Kenney said the spending includes money for roads, hospitals, schools, pipelines and water projects.