05/14/2015 09:51 EDT | Updated 05/14/2016 05:59 EDT

Harper Announces New Tax Rules For Equipment Writeoffs

WINDSOR, Ont. - Manufacturers will be able to write off equipment more quickly under proposed tax rule changes.

The idea is to provide a faster capital cost allowance.

The rate climbs to 50 per cent for machinery and equipment, up from 30 per cent.

The plan is to have it in effect for 10 years — starting for assets acquired this year.

The government says manufacturers will be able to plan better.

Prime Minister Stephen Harper, who made the announcement in Windsor, Ont., says the measure will help manufacturers create jobs.

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