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Wednesday 22 January 2020
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Imbert boosts solar power with tax credit

Finance Minister Colm Imbert during debate on the Finance Bill 2019 in Parlaiment on Friday. - ROGER JACOB
Finance Minister Colm Imbert during debate on the Finance Bill 2019 in Parlaiment on Friday. - ROGER JACOB

ON the heels of promising LED light-bulbs in his recent budget speech, Finance Minister Colm Imbert on Friday brought legislation to the House of Representatives to try to promote the use of solar energy. The Finance Bill 2019 enacts his budget proposals.

Imbert said the bill will move the tax credit on the purchase of solar water heaters from a present level of 25 per cent to 100 per cent. He said under the bill the value of the heater that can be claimed for will remain unchanged from the existing $10,000.

Imbert also promised to increase from $3 million to $6 million the limit on the 150 per cent tax-break to be claimed by sponsors of sports events and artistic works and audio-visual productions for education or entertainment.

Barataria/San Juan M Dr Fuad Khan asked if the bill’s export promotion allowance could include the promotion of TT medical services in Caricom.

Imbert replied that was not the bill's original intent, but he would consider it during the debate.

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