Energy Tax News: Draft Tax Regulations for Oil Sands Projects and Clean Energy Generation Equipment

On May 3, 2010, the Minister of Finance released draft amendments to the Income Tax Regulations to implement the proposed changes concerning the phase-out of the accelerated capital cost allowance (ACCA) for oil sands projects and enhancements to the ACCA for clean energy generation equipment. These amendments implement measures announced in the 2007 budget for oil sands projects and the 2008 budget for clean energy generation equipment.