The federal government announced during the Canada Investment Summit this week that a tax write-off program —  the productivity mega deduction (PMD) — would be extended to capital investments in oil and gas pipelines, mining property, fibre-optic cable, software, research and development, computer equipment, aircraft and vehicles, patents, rail track, bridges and roads. The program allows for the deduction of 100 per cent of the depreciation of capital assets in the first year of operation on a greater percentage of assets. Analysts at TD Cowen think the tax program can benefit several sectors and companies. “We believe the broad nature of the PMD should support commercial and wholesale loan growth among banks,” analysts led by Mario Mendonca said in the note on Sept. 15. In another TD Cowen note on Sept. 17, energy analysts said the PMD expansion could help push projects such as LNG Canada phase 2, Ksi Lisims LNG, TMX optimization and the West Coast oil pipeline across the finish line. The Immediate expensing component allowed by the tax write-off could boost the economics of gas-fired power projects for Capital Power Corp. (CPX:TSX) and TransAlta Corp. (TA:TSX), Brookfield Renewable Partners (BEP:NYSE) and Northland Power Inc. (NPI:TSX), TD analysts said. Other companies that could benefit from the new tax policy include Finning International Inc. (FTT:TSX) and Toromont Industries Ltd. (TIH:TSX) — both Caterpillar dealers in Canada — and Wajax Inc. (WJX:TSX), which distributes Hitachi equipment, though analyst noted much of the upside from the “build Canada” push is already baked into the shares.