31

 


Fourth Session, 46th General Assembly

60 Elizabeth II, 2011

BILL 31

AN ACT TO AMEND THE INCOME TAX ACT, 2000

Received and Read the First Time............................................................................ May 16, 2011

Second Reading.......................................................................................................... May 17, 2011

Committee.............................................................................................. Amendment May 19, 2011

Third Reading.............................................................................................................. May 19, 2011

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

HONOURABLE THOMAS W. MARSHALL, Q.C.

Minister of Finance and President of Treasury Board

Ordered to be printed by the Honourable House of Assembly

 

 

EXPLANATORY NOTE

This Bill would amend the Income Tax Act, 2000 to add a provision respecting a supplementary child care credit, effective January 1, 2011.

A BILL

AN ACT TO AMEND THE INCOME TAX ACT, 2000

Analysis


        1.   S.17.2 Added
Child care credit

        2.   S.23 Amdt.
Ordering of credits

        3.   Commencement


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 17.1 the following:

Child care credit

   17.2 For the purpose of computing the tax payable under this Part for a 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 an amount that is deducted in computing the taxpayer’s income for the year under section 63 of the federal Act.

 

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

          (b.3)  section 17.2;

Commencement

        3. This Act is considered to have come into force on January 1, 2011.