Renewed Gas Tax Agreement
On May 22, 2014 the parties announced that the Administrative Agreement on the Federal Gas Tax Fund in British Columbia (Renewed Gas Tax Agreement or GTA) has been signed between Canada, British Columbia and UBCM, and took effect as of April 1, 2014.
The GTA provides the administrative framework for the delivery of federal Gas Tax funding to British Columbia local governments and other recipients over the next ten years.
The Gas Tax Fund has been made available for the benefit of all municipalities across the country in accordance with Keeping Canada's Economy and Jobs Growing Act, S.C. 2011, c.24 as amended by section 233 of the Economic Action Plan 2013 Act, No.1, S.C. 2013, c.33. As announced in Economic Action Plan 2013, the Gas Tax Fund is now indexed at 2 percent per year, starting in 2014-15. These increases to be applied in $100-million increments from 2014-15 to 2023-24. This represents a transfer to be shared by all provinces and territories of an estimated $21.8 billion in funding for municipal infrastructure from 2014-15 to 2023-24.
The Gas Tax Agreement in British Columbia is delivered through three program streams: Community Works Fund; Strategic Priorities Fund; and Greater Vancouver Regional Fund.
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