Exemption

1   Land and improvements owned by the Waneta Expansion General Partner Limited are exempt from 49% of the taxes described under section 31 (3) of the Columbia Basin Trust Act for the 2013 and subsequent taxation years if included in a power generation, transmission or distribution facility constructed in whole or in part by or on behalf of the Columbia Basin Trust.

Rescission of exemption

2   An exemption of land or an improvement under section 1 is rescinded if

(a) the land or the improvement is not owned by the Waneta Expansion General Partner Limited, or

(b) the combined ownership interest of 2 or more of the following in either the Waneta Expansion General Partner Limited or the Waneta Expansion Limited Partnership is less than 49%:

(i) Columbia Basin Trust or a subsidiary of Columbia Basin Trust;

(ii) Columbia Power Corporation or a subsidiary of Columbia Power Corporation;

(iii) the government.