The province of British Columbia is set to introduce the first consumer-based carbon tax in North America. The carbon tax will cover almost all fossil fuels. While the carbon tax is estimated to bring in about $2 billion in revenues over the first 3 years, it is expected that the money will be returned through other tax cuts and credits according to Finance Minister Carole Taylor. The new tax package is scheduled to begin on July 1 of this year. The tax on gas will require drivers to pay an additional 2.4 cents per liter to start, and that tax will increase until it reaches a high of 7.2 cents per liter in 2012. Taylor said, "This is an important turning point for British Columbia and we think for Canada."