British Columbia is known for its progressive legislation on environmental issues. The publication “Corporate Knights”, which advertizes itself as The Magazine for Clean Capitalism, ranks British Columbia second in its assessment of “Canada’s Greenest Province”. (The leader among Canadian provinces: Ontario.)
One law that has attracted favourable commentary from abroad is the BC carbon tax, which was implemented on July 1, 2008. The carbon tax is revenue neutral, meaning every dollar generated by the tax is returned to British Columbians through reductions in other taxes. Tax cut measures include income tax credits for low income individuals, cutting the first two personal income tax rates by 5 per cent, providing northern and rural homeowners a benefit of up to $200 annually, and reducing the business taxes.