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NATIONALS senators last night split with their Liberal coalition partners by rejecting a move to establish tax benefits for the creation of carbon sinks. Nationals senator Ron Boswell said the move would distort land prices, while Nationals Senate leader Barnaby Joyce said he would never support any move that reduced the availability of prime agricultural land.
NSW National John Williams said providing tax breaks for carbon sinks would encourage big companies to buy up agricultural land to win the tax concessions.
The Government says the tax break would encourage the establishment of carbon sink forests, making an important contribution to sequestration and delivering natural-resource management benefits.
Liberal and Labor senators joined forces to defeat the Nationals and the Greens.
By Matthew Franklin
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