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This is an official version.
Copyright © 2004: Queen's Printer,
St. John's, Newfoundland and Labrador, Canada
Important Information
(Includes details about the availability of printed and electronic
versions of the Statutes.)
Statutes of Newfoundland and Labrador 2004
CHAPTER 16
AN ACT TO AMEND THE INCOME TAX ACT, 2000
(Assented to June 8, 2004)
Analysis
1. S.16.1 Added
Student loan tax credit
2. S.23 Amdt.
Ordering of credits
3. S.26 Amdt.
Credits in year of bankruptcy
4. Sch. Added
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 16 the following:
Student loan tax credit
16.1 (1) Where, in a taxation year, an individual's taxable income does not exceed $50,000, there may be deducted from the tax otherwise payable by that individual an amount determined by the following formula:
A x B
where
A is the amount of principal paid in that year with respect to a loan issued under the Student Financial Assistance Act; and
B is the appropriate tax credit factor listed in Column A of the schedule to this Act.
(2) Notwithstanding subsection (1), where an individual is eligible to claim an amount under paragraph 9(1)(b) with respect to his or her child or an amount under section 12:
B is the appropriate tax credit factor listed in Column B of the Schedule to this Act.
(3) Subsections (1) and (2) shall not apply to a return filed by an individual under subsections 70(2), 104(23) or 150(4) of the federal Act.
(4) Subsections (1) and (2) shall apply only to a return filed by an individual for the 2003 taxation year.
2. Section 23 of the Act is amended by renumbering it as subsection 23(1) and by adding immediately after that subsection, the following:
(2) Where computing an individual's tax payable under this Act, the following sections shall be applied in the listed order:
(a) section 9;
(b) section 17;
(c) section 12;
(d) section15;
(e) section 13;
(f) section 14;
(g) section 18;
(h) section 11;
(i) section 10;
(j) section 16;
(k) section 20;
(l) section 21;
(m) section 19;
(n) section 33;
(o) section 47;
(p) section 16.1; and
(q) section 46.
3. Section 26 of the Act is amended by adding immediately after the word "Act" where it last appears, the words and figures "and shall be read to include a reference to section 16.1 of the Act".
4. The Act is amended by adding immediately after section 95 the following:
Schedule
Student Loan Tax Credit Factor Table
Taxable income |
Tax credit factor |
Taxable income |
Tax credit factor |
Taxable income |
Tax credit factor |
Taxable income |
Tax credit factor |
Equal to or over |
A |
B |
Equal to or over |
A |
B |
Equal to or over |
A |
B |
Equal to or over |
A |
B |
|
|
|
35,000 |
0.1625 |
0.2625 |
40,100 |
0.1243 |
0.2243 |
45,200 |
0.0860 |
0.1860 |
0 |
0.2000 |
0.3000 |
35,100 |
0.1618 |
0.2618 |
40,200 |
0.1235 |
0.2235 |
45,300 |
0.0853 |
0.1853 |
30,100 |
0.1993 |
0.2993 |
35,200 |
0.1610 |
0.2610 |
40,300 |
0.1228 |
0.2228 |
45,400 |
0.0845 |
0.1845 |
30,200 |
0.1985 |
0.2985 |
35,300 |
0.1603 |
0.2603 |
40,400 |
0.1220 |
0.2220 |
45,500 |
0.0838 |
0.1838 |
30,300 |
0.1978 |
0.2978 |
35,400 |
0.1595 |
0.2595 |
40,500 |
0.1213 |
0.2213 |
45,.600 |
0.0830 |
0.1830 |
30,400 |
0.1970 |
0.2970 |
35,500 |
0.1588 |
0.2588 |
40,600 |
0.1205 |
0.2205 |
45,700 |
0.0823 |
0.1823 |
30,500 |
0.1963 |
0.2963 |
35,600 |
0.1580 |
0.2580 |
40,700 |
0.1198 |
0.2198 |
45,800 |
0.0815 |
0.1815 |
30,600 |
0.1955 |
0.2955 |
35,700 |
0.1573 |
0.2573 |
40,800 |
0.1190 |
0.2190 |
45,900 |
0.0808 |
0.1808 |
30,700 |
0.1948 |
0.2948 |
35,800 |
0.1565 |
0.2565 |
40,900 |
0.1183 |
0.2183 |
46,000 |
0.0800 |
0.1800 |
30,800 |
0.1940 |
0.2940 |
35,900 |
0.1558 |
0.2558 |
41,000 |
0.1175 |
0.2175 |
46,100 |
0.0793 |
0.1793 |
30,900 |
0.1933 |
0.2933 |
36,000 |
0.1550 |
0.2550 |
41,100 |
0.1168 |
0.2168 |
46,200 |
0.0785 |
0.1785 |
31,000 |
0.1925 |
0.2925 |
36,100 |
0.1543 |
0.2543 |
41,200 |
0.1160 |
0.2160 |
46,300 |
0.0778 |
0.1778 |
31,100 |
0.1918 |
0.2918 |
36,200 |
0.1535 |
0.2535 |
41,300 |
0.1153 |
0.2153 |
46,400 |
0.0770 |
0.1770 |
31,200 |
0.1910 |
0.2910 |
36,300 |
0.1528 |
0.2528 |
41,400 |
0.1145 |
0.2145 |
46,500 |
0.0763 |
0.1763 |
31,300 |
0.1903 |
0.2903 |
36,400 |
0.1520 |
0.2520 |
41,500 |
0.1138 |
0.2138 |
46,600 |
0.0755 |
0.1755 |
31,400 |
0.1895 |
0.2895 |
36,500 |
0.1513 |
0.2513 |
41,600 |
0.1130 |
0.2130 |
46,700 |
0.0748 |
0.1748 |
31,500 |
0.1888 |
0.2888 |
36,600 |
0.1505 |
0.2505 |
41,700 |
0.1123 |
0.2123 |
46,800 |
0.0740 |
0.1740 |
31,600 |
0.1880 |
0.2880 |
36,700 |
0.1498 |
0.2498 |
41,800 |
0.1115 |
0.2115 |
46,900 |
0.0733 |
0.1733 |
31,700 |
0.1873 |
0.2873 |
36,800 |
0.1490 |
0.2490 |
41,900 |
0.1108 |
0.2108 |
47,000 |
0.0725 |
0.1725 |
31,800 |
0.1865 |
0.2865 |
36,900 |
0.1483 |
0.2483 |
42,000 |
0.1100 |
0.2100 |
47,100 |
0.0718 |
0.1718 |
31,900 |
0.1858 |
0.2858 |
37,000 |
0.1475 |
0.2475 |
42,100 |
0.1093 |
0.2093 |
47,200 |
0.0710 |
0.1710 |
32,000 |
0.1850 |
0.2850 |
37,100 |
0.1468 |
0.2468 |
42,200 |
0.1085 |
0.2085 |
47,300 |
0.0703 |
0.1703 |
32,100 |
0.1843 |
0.2843 |
37,200 |
0.1460 |
0.2460 |
42,300 |
0.1078 |
0.2078 |
47,400 |
0.0695 |
0.1695 |
32,200 |
0.1835 |
0.2835 |
37,300 |
0.1453 |
0.2453 |
42,400 |
0.1070 |
0.2070 |
47,500 |
0.0688 |
0.1688 |
32,300 |
0.1828 |
0.2828 |
37,400 |
0.1445 |
0.2445 |
42,500 |
0.1063 |
0.2063 |
47,600 |
0.0680 |
0.1680 |
32,400 |
0.1820 |
0.2820 |
37,500 |
0.1438 |
0.2438 |
42,600 |
0.1055 |
0.2055 |
47,700 |
0.0673 |
0.1673 |
32,500 |
0.1813 |
0.2813 |
37,600 |
0.1430 |
0.2430 |
42,700 |
0.1048 |
0.2048 |
47,800 |
0.0665 |
0.1665 |
32,600 |
0.1805 |
0.2805 |
37,700 |
0.1423 |
0.2423 |
42,800 |
0.1040 |
0.2040 |
47,900 |
0.0658 |
0.1658 |
32,700 |
0.1798 |
0.2798 |
37,800 |
0.1415 |
0.2415 |
42,900 |
0.1033 |
0.2033 |
48,000 |
0.0650 |
0.1650 |
32,800 |
0.1790 |
0.2790 |
37,900 |
0.1408 |
0.2408 |
43,000 |
0.1025 |
0.2025 |
48,100 |
0.0643 |
0.1643 |
32,900, |
0.1783 |
0.2783 |
38,000 |
0.1400 |
0.2400 |
43,100 |
0.1018 |
0.2018 |
48,200 |
0.0635 |
0.1635 |
33,000 |
0.1775 |
0.2775 |
38,100 |
0.1393 |
0.2393 |
43,200 |
0.1010 |
0.2010 |
48,300 |
0.0628 |
0.1628 |
33,100 |
0.1768 |
0.2768 |
38,200 |
0.1385 |
0.2385 |
43,300 |
0.1003 |
0.2003 |
48,400 |
0.0620 |
0.1620 |
33,200 |
0.1760 |
0.2760 |
38,300 |
0.1378 |
0.2378 |
43,400 |
0.0995 |
0.1995 |
48,500 |
0.0613 |
0.1613 |
33,300 |
0.1753 |
0.2753 |
38,400 |
0.1370 |
0.2370 |
43,500 |
0.0988 |
0.1988 |
48,600 |
0.0605 |
0.1605 |
33,400 |
0.1745 |
0.2745 |
38,500 |
0.1363 |
0.2363 |
43,600 |
0.0980 |
0.1980 |
48,700 |
0.0598 |
0.1598 |
33,500 |
0.1738 |
0.2738 |
38,600 |
0.1355 |
0.2355 |
43,700 |
0.0973 |
0.1973 |
48,800 |
0.0590 |
0.1590 |
33,600 |
0.1730 |
0.2730 |
38,700 |
0.1348 |
0.2348 |
43,800 |
0.0965 |
0.1965 |
48,900 |
0.0583 |
0.1583 |
33,700 |
0.1723 |
0.2723 |
38,800 |
0.1340 |
0.2340 |
43,900 |
0.0958 |
0.1958 |
49,000 |
0.0575 |
0.1575 |
33,800 |
0.1715 |
0.2715 |
38,900 |
0.1333 |
0.2333 |
44,000 |
0.0950 |
0.1950 |
49,100 |
0.0568 |
0.1568 |
33,900 |
0.1708 |
0.2708 |
39,000 |
0.1325 |
0.2325 |
44,100 |
0.0943 |
0.1943 |
49,200 |
0.0560 |
0.1560 |
34,000 |
0.1700 |
0.2700 |
39,100 |
0.1318 |
0.2318 |
44,200 |
0.0935 |
0.1935 |
49,300 |
0.0553 |
0.1553 |
34.100 |
0.1693 |
0.2693 |
39,200 |
0.1310 |
0.2310 |
44,300 |
0.0928 |
0.1928 |
49,400 |
0.0545 |
0.1545 |
34,200 |
0.1685 |
0.2685 |
39,300 |
0.1303 |
0.2303 |
44,400 |
0.0920 |
0.1920 |
49,500 |
0.0538 |
0.1538 |
34,300 |
0.1678 |
0.2678 |
39,400 |
0.1295 |
0.2295 |
44,500 |
0.0913 |
0.1913 |
49,600 |
0.0530 |
0.1530 |
34,400 |
0.1670 |
0.2670 |
39,500 |
0.1288 |
0.2288 |
44,600 |
0.0905 |
0.1905 |
49,700 |
0.0523 |
0.1523 |
34,500 |
0.1663 |
0.2663 |
39,600 |
0.1280 |
0.2280 |
44,700 |
0.0898 |
0.1898 |
49,800 |
0.0515 |
0.1515 |
34,600 |
0.1655 |
0.2655 |
39,700 |
0.1273 |
0.2273 |
44,800 |
0.0890 |
0.1890 |
49,900 |
0.0508 |
0.1508 |
34,700 |
0.1648 |
0.2648 |
39,800 |
0.1265 |
0.2265 |
44,900 |
0.0883 |
0.1883 |
50,000 |
0.0500 |
0.1500 |
34,800 |
0.1640 |
0.2640 |
39,900 |
0.1258 |
0.2258 |
45,000 |
0.0875 |
0.1875 |
50,001 |
0.0000 |
0.0000 |
34,900 |
0.1633 |
0.2633 |
40,000 |
0.1250 |
0.2250 |
45,100 |
0.0868 |
0.1868 |
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