BOMA BC Announces Support for Provincial Clean Building Tax Credit

On July 13th, 2022, BOMA BC President Damian Stathonikos announced our industry’s support for BC’s new 5% Clean Building Tax Credit at a Provincial government press conference. Damian spoke alongside the Minister of Finance, Selina Robinson, the Minister of Environment and Climate Change Strategy, George Heyman, and the Mayor of Vancouver, Kennedy Stewart.

 

 

The Clean Building Tax Credit is a new 5% refundable income tax credit for qualifying retrofits that improve the energy efficiency of a commercial building.  

 

The announcement occurred at Kitsilano Community Centre, which has cut Greenhous Gas emissions by over 80% by optimizing operations, capital upgrades, and enhancing HVAC efficiency.

 

As there can be significant financial barriers to energy retrofits, BOMA BC has long advocated for Provincial support programs to incentivize building owners to improve building energy efficiency. At today’s announcement, Damian reiterated the importance of reducing building emissions and thanked the Province for offering a collaborative approach.

 

“Our members want to be part of the climate change solution, but retrofits can be costly and do not always make financial sense,” said Damian Stathonikos. “The tax credit helps reduce the retrofit cost for building owners and lowers energy expenses for tenants while modernizing buildings to reduce greenhouse gas emissions. It benefits everyone involved and the environment.”

 

 

We encourage BOMA BC members considering energy efficiency retrofits to review The Clean Building Tax Credit and see if their retrofit will qualify for the income tax credit by meeting energy-use targets. BOMA BC will continue advocating for further incentive programs to support building owners as they improve their building’s energy efficiency.

 

To be eligible for the credit, building owners must work with a certified professional to determine that the energy use-intensity of their building has been reduced and is meeting made-in-B.C. targets, which must be certified by the Ministry of Finance.