PROPOSED changes to the Parking Rights Tax will help TransLink fund major transit and transportation improvements to keep people and goods moving quickly, safely and affordably in Metro Vancouver, says the Province.
Changes to the Parking Rights Tax are part of TransLink’s Phase 2 Investment Plan and will help the region fund its share of the next phase of the Mayors’ Council’s 10-Year Vision. These transit improvements will help support the growth of Metro Vancouver, a region that is expecting over one million more residents in the next 25 years.
TransLink forecasts approximately $10 million a year in new revenue from a minor increase to the Parking Rights Tax. These revenues will fund projects and improvements that include increased bus and HandyDART services, better and more SkyTrain service, new rapid transit lines, better roads, bridges and other infrastructure for residents, transit users, drivers and businesses.
The Province is proposing legislative changes that will allow TransLink to increase the Parking Rights Tax – a sales tax paid by people buying off-street parking in Metro Vancouver – from the current 21% to a maximum of 24%. If TransLink increases the parking rights tax to 24%, customers would pay an additional 15 cents on $5 of parking.
In June 2018, the Mayors’ Council approved a $7.3-billion investment plan for Phase 2 improvements and projects over 10 years.
The Province says it is committed to funding 40% of the capital costs of the Mayors’ Council’s 10-Year Vision for improving transit and transportation infrastructure in Metro Vancouver.