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Second Session, 44th General Assembly 49 Elizabeth II, 2000 |
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AN ACT TO AMEND THE HEALTH AND POST-SECONDARY EDUCATION TAX ACT |
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Received and Read the First Time |
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Second Reading |
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Committee |
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Third Reading |
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Royal Assent |
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HONOURABLE LLOYD MATTHEWS Minister of Finance |
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Ordered to be printed by the Honourable House of Assembly |
EXPLANATORY NOTES This Bill would amend the Health and Post-Secondary Education Tax Act to increase the remuneration threshold above which tax is imposed to $400,000 and would provide that the rate of tax imposed on remuneration paid in the renewable resource sector would be the same as that in all other sectors, effective January 1, 2001. For the balance of the 2000 taxation year after April 1, the threshold would be $337,500 and the tax rate for the renewable resource sector would be 1.75%.
A BILL AN ACT TO AMEND THE HEALTH AND POST-SECONDARY EDUCATION TAX ACT Analysis 1. S.3 Amdt. Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows: RSN1990 cH-1 1. (1) Subparagraph 3(1)(d)(i) of the Health and Post-Secondary Education Tax Act is repealed and the following substituted: (i) with respect to the taxation year beginning on January 1, 2000, remuneration paid in excess of the first $337,500, and with respect to each year following, in excess of the first $400,000 of remuneration paid in the year, or (2) Subsection 3(3) of the Act is repealed and the following substituted: (3) Notwithstanding subsection (2), with respect to the taxation year beginning on January 1, 2000, an employer shall pay tax at the rate of 1.75% of taxable remuneration paid in relation to a renewable resource industry. (3) Subsection (2) shall be repealed on December 31, 2000.
©Earl G. Tucker, Queen's Printer |