March 3, 1999 |
By
Keith Martin in Washington, DC
AUSTRALIA AWARDED A$71 MILLION IN TAX REBATES TO FOUR INFRASTRUCTURE PROJECTS, including A$32.6 million to Duke Energy for development of an 800-kilometer gas pipeline from New South Wales to Victoria and A$10.4 million to Japanese trading company Itochu for development of a cogeneration plant in New South Wales.
The rebates represent approximately 8% of the total cost of the projects and are taken over five years. They are the first rebates under an “Infrastructure Borrowings Tax Offset Scheme” established last year.
