3

 

Second Session, 46th General Assembly

58 Elizabeth II, 2009

BILL 3

AN ACT TO AMEND THE LABOUR-SPONSORED
VENTURE CAPITAL TAX CREDIT ACT

Received and Read the First Time...................................................................................................

Second Reading.................................................................................................................................

Committee............................................................................................................................................

Third Reading.....................................................................................................................................

Royal Assent......................................................................................................................................

HONOURABLE JEROME P. KENNEDY, Q.C.

Minister of Finance and President of Treasury Board

Ordered to be printed by the Honourable House of Assembly

 

 

EXPLANATORY NOTES

This Bill would amend the Labour-Sponsored Venture Capital Tax Credit Act to increase the provincial tax credit rate for eligible investors who invest in a labour-sponsored venture capital corporation effective April 1, 2009.

This Bill would also amend the Act to increase the maximum annual investment for which a tax credit would be available to eligible investors for investment in eligible shares, commencing with the 2009 taxation year.

A BILL

AN ACT TO AMEND THE LABOUR-SPONSORED VENTURE CAPITAL TAX CREDIT ACT

Analysis

        1.   S.8 Amdt.
Tax credit certificate

        2.   Commencement

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

SNL2004 cL-1.1

        1. (1) Paragraph 8(1)(a) of the Labour-Sponsored Venture Capital Tax Credit Act is amended by striking out the number and symbol "15%" and substituting the number and symbol "20%".

             (2)  Paragraph 8(2)(d) of the Act is repealed and the following substituted:

             (d)  the aggregate investment in eligible shares, for which entitlements to tax credit certificates the eligible investor has applied for in the year, does not exceed $10,000;

Commencement

        2. (1) Subsection 1(1) of this Act is considered to have come into force on April 1, 2009.

             (2)  Subsection 1(2) of this Act is considered to have come into force on January 1, 2009.

ŠEarl G. Tucker, Queen's Printer