What’s new: In brief (June 27, 2004)

Insurance Corp. of B.C. has paid out $4.4 million in tax grants to communities, which the Crown corporation does in lieu of paying real property and business taxes. Thirty communities received grants of between $10,000 to $1 million. Those communities contain ICBC claim centers, administrative offices, and storage and salvage yards, and ICBC says the size of the grants is the same as would be paid in taxes if it were a private entity.

The U.S. Treasury and IRS have issued guidelines on the tax treatment of foreign insurance companies with U.S. branches. Previously stock investments were not considered assets used in a business for tax purpose. The new regulations would see such stock investments considered assets with the potential to produce taxable income.

Saskatchewan Government Insurance (SGI) is starting a $3.9 million restoration project on its Regina head office. The project is expected to take 15 months, to commence in August. The government insurer says temporary repairs made over the past decade have cost $1 million, but a permanent restoration, specifically of the post-tension cables supporting the building is needed. At the same time, issues such as parking, traffic and wind flow problems will be addressed.