Logging Tax Credit for Personal Income Tax
You can claim a provincial logging tax credit if you paid logging tax to B.C. on income earned from logging operations for the year. The amount you can claim is equal to one-third of the logging tax payable shown on line 770 of the Logging Tax Return of Income (FIN 542S) or Logging Tax Return of Income for Processors (FIN 542P).
Claiming the Credit
You claim the credit when you file your T1 Income Tax Return. Enter the amount of the provincial logging tax credit you are claiming on the British Columbia Tax form (BC 428).
The credit is non-refundable. There are no carry-forward or carry-back provisions.
The following legislation applies to the B.C. logging tax credit:
- Income Tax Act (B.C.) Section 19.1