Second Session, 44th General Assembly 49 Elizabeth II, 2000 |
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AN ACT AN ACT TO AMEND THE INCOME TAX ACT |
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Received and Read the First Time | |
Second Reading | |
Committee | |
Third Reading | |
Royal Assent | |
HONOURABLE LLOYD MATTHEWS Minister of Finance |
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Ordered to be printed by the Honourable House of Assembly |
EXPLANATORY NOTE This Bill would amend the Income Tax Act to provide for an equity tax credit.
A BILL AN ACT TO AMEND THE INCOME TAX ACT
Analysis 1. S.8.2 Added 2. Commencement Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:
RSN1990 cI-1 (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.
Commencement ŠEarl G. Tucker, Queen's Printer |