Nova Scotia ends tax break deal with Imperial Oil
News comes as company converts former refinery site in Dartmouth, N.S., to storage facility
HALIFAX—The Nova Scotia government plans to end a tax break agreement with Imperial Oil Ltd. because it no longer operates a refinery in Halifax.
Municipal Affairs Minister Mark Furey says since the company is converting its site in Dartmouth, N.S., near Halifax, to a storage facility, the taxes it pays to the Halifax Regional Municipality should revert to standard property assessment tax rates.
Furey says changes to the province’s Oil Refineries and LNG Plants Municipal Taxation Act would ensure Imperial Oil pays the same rate of tax as other commercial properties.
Based on the estimated market value of the storage facility, taxes are expected to be $2.6-million, a drop of about $1-million from the taxes paid in 2013-14.
The changes would end a special property tax arrangement that was put in place for Imperial Oil in 2003.
Furey says the changes would be retroactive to April 1.