Second Session, 44th General Assembly
49 Elizabeth II, 2000
AN ACT AN ACT TO AMEND THE INCOME TAX ACT
|Received and Read the First Time|
HONOURABLE LLOYD MATTHEWS
Minister of Finance
Ordered to be printed by the Honourable House of Assembly
This Bill would amend the Income Tax Act to provide for an equity tax credit.
AN ACT TO AMEND THE INCOME TAX ACT
1. S.8.2 Added
Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:
(2) The minister may give a tax credit to a person who applies under subsection (1).
(3) A tax credit given under subsection (2) shall be calculated in the manner prescribed by the regulations.
(4) A tax credit shall be deducted against the tax which is otherwise payable under this Act.
(5) The Lieutenant-Governor in Council may make regulations
(a) establishing the criteria for determining who is an eligible investor, what corporation is an eligible corporation and what investments are eligible investments;
(b) respecting the issuance of and the grounds for revocation of certificates of eligibility to corporations;
(c) limiting the amounts which an eligible corporation may raise through the use of credits;
(d) prescribing how funds raised may be used by a corporation;
(e) respecting the wind-up and dissolution of an eligible corporation;
(f) setting the amount of a tax credit that may be paid to an eligible investor;
(g) setting limits on the amounts of eligible investments;
(h) respecting the carrying forward or back of a credit;
(i) respecting the holding period for an eligible investment;
(j) prescribing penalties for failure to comply with the regulations; and
(k) generally to give effect to the purpose of this section.
ŠEarl G. Tucker, Queen's Printer