Statutes of Newfoundland and Labrador 2005 Chapter 44

Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:

SNL2000 cI-1.1
as amended

1. The Income Tax Act, 2000 is amended by adding immediately after section 17 the following:

Adoption credit

17.1 (1) For the purpose of computing the tax payable under this Part for a taxation year by an individual who was resident in the province on the last day of the taxation year, there may be deducted an amount determined by the formula:

A x B

where

A is the appropriate percentage for the year; and

B is the amount that would be determined in the formula in subsection 118.01(2) of the federal Act for B in computing the individual's deduction under that section for the year, if the amount in paragraph 118.01(2)(a) of the federal Act is read as $10,000.

(2) Section 118.01 of the federal Act applies for the purpose of this Act, except that subsection (1) of this section applies instead of subsection 118.01(2) of the federal Act.

2. Subsection 23(2) of the Act is amended by adding immediately after paragraph (b) the following:

(b.1) section 17.1;