NEWFOUNDLAND AND LABRADOR
REGULATION 60/24
Low Income Tax Reduction Regulations for the 2024 Taxation Year
under the
Income Tax Act, 2000
(O.C.2024-160)
(Filed September 27, 2024)
Under the authority of sections 21.1 and 68 of the Income Tax Act, 2000
,
the Lieutenant-Governor in Council makes the following regulations.
Dated at St. John’s, September 27, 2024.
Krista Quinlan
Clerk of the Executive Council
REGULATIONS
Analysis
Short title
1.
These regulations may be cited as the Low Income
Tax Reduction Regulations for the 2024 Taxation Year
.
60/24 s1
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Definition
2.
In these regulations, "Act" means the Income Tax Act, 2000
.
60/24 s2
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Low income
tax reduction amounts
3.
For the purpose of
the Act, for the 2024 taxation year
(a)
the amount referred to in paragraph 21.1(2.1)(
a) is $974; and
(b)
the amount referred to in paragraph 21.1(2.1)(
b) is $544.
60/24 s3
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Repeal
4.
The Low Income
Tax Reduction Regulations for the 2023 Taxation Year
, Newfoundland and Labrador Regulations 69/23, are repealed.
60/24 s4
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Commencement
5.
These regulations are considered to have come into force on January 1, 2024.
60/24 s5
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