The provincial government has announced a bill that would make Alberta’s corporate tax rate the lowest in Canada.

Bill 3, the Job Creation Tax Cut Act, would reduce said tax rate from 12 to 11 per cent on July 1. It would then drop another percentage point every Jan. 1 until 2022, when it reaches eight per cent.

“By reducing the tax burden on job creators by two points in the next seven months, we are telling job creators they can make their plans now to benefit from lower taxes,” Premier Jason Kenney said in a press release. “We are proud to be taking bold action to show the world Alberta is open for business and reverse the flow of investment and jobs south of the border.”

The province said an economist estimates the tax reduction will create 55,000 jobs.

“Alberta’s unemployment rate is among the highest in the country. It’s time to make common-sense decisions to help correct the course of our economy,” Alberta Finance Minister Travis Toews said. “The Job Creation Tax Cut will spur investment, ignite the economy and get Alberta working again.”

When it reaches eight per cent, Alberta’s combined federal and provincial business tax rate will also be lower than that of 44 states in the United States.