NEWFOUNDLAND AND LABRADOR REGULATION 88/05

NEWFOUNDLAND AND LABRADOR
REGULATION 88/05

Film and Video Industry Tax Credit Regulations
(Amendment)
under the
Income Tax Act, 2000
(O.C. 2005-492)

(Filed September 21, 2005)

Under the authority of section 68 of the Income Tax Act, 2000, the Lieutenant-Governor in Council makes the following regulations.

Dated at St. John's, September 17, 2005.

Robert C. Thompson
Clerk of the Executive Council

REGULATIONS

Analysis

NLR 3/99
as amended

1. (1) Paragraphs 3(1)(c) and (g) of the Film and Video Industry Tax Credit Regulations are repealed.

(2) Subsection 3(4) of the regulations is repealed.

2. (1) Subsection 7(2) of the regulations is amended by striking out the date "January 1, 2005" and substituting the date "January 1, 2009".

(2) Subsection 7(4) of the regulations is repealed and the following substituted:

(4) The maximum tax credit that may be received by an eligible corporation, together with all corporations associated with that corporation, in respect of all eligible projects commenced within a 12 month period is $3,000,000.

3. Subsection 9(3) of the regulations is repealed and the following substituted:

(3) Where the minister has waived the residency requirements under subsection (1), the eligible salary of the non-resident person shall be the greater of

(a) 75% of the actual salary of the non-resident person; and

(b) the salary of the mentored employee.

(4) Notwithstanding subsection (3), where the salary of the mentored employee is greater than the actual salary of the non-resident person, the eligible salary of the non-resident person shall be his or her actual salary.

Commencement

4. These regulations shall be considered to have come into force on January 1, 2005.