2001 BILL 6

	6

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Third Session, 44th General Assembly 50 Elizabeth II, 2001
BILL 6
AN ACT TO AMEND THE INCOME TAX ACT, 2000
Received and Read the First Time
Second Reading
Committee
Third Reading
Royal Assent
HONOURABLE JOAN MARIE AYLWARD Minister of Finance and President of Treasury Board
Ordered to be printed by the Honourable House of Assembly

EXPLANATORY NOTES

Clause 1 of the Bill would amend paragraph 34(4)(b) of the Income Tax Act, 2000 to increase the senior's benefit under that Act.

Clause 2 of the Bill would amend subsection 68(1) of the Act by adding a new regulatory paragraph (i) that would permit the making of new tax credits, rebates and deemed overpayments of tax by regulation.

Clause 3 of the Bill would have the amendment referred to in Clause 2 come into force retroactively on the date that the original Act came into force.

A BILL

AN ACT TO AMEND THE INCOME TAX ACT, 2000
Analysis

1. S.34 Amdt.
Harmonized sales tax credit

2. S.68 Amdt.
Regulations

3. Commencement

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

SN2000 cI-1.1

1. Paragraph 34(4)(b) of the Income Tax Act, 2000 is repealed and the following substituted:

(b) the amount by which the total of

(i) $300 for an eligible individual who is 64 years of age or over at any time of the year, and

(ii) $300 for a qualified relation who is 64 years of age or over at any time in the year,

exceeds

(iii) 5% of the amount by which the individual's adjusted income for the year exceeds $14,000 if either the eligible individual or the qualified relation is 64 years of age or over at any time in the year, and

(iv) 10% of the amount by which the individual's adjusted income for the year exceeds $14,000 if both the eligible individual and qualified relation are 64 years of age or over at any time in the year.

2. Paragraphs 68(1)(h) and (i) of the Act are repealed and the following substituted:

(h) prescribing for the payment to a corporation of an amount by which a tax credit determined under subsection 45(2) exceeds the tax otherwise payable under this Act, and including conditions or restrictions in relation to a payment;

(i) providing for tax credits, rebates and overpayments of tax for specific purposes and for the refund of those tax credits, rebates and overpayments; and

(j) generally to give effect to the purpose of this Act.

Commencement

3. Section 2 shall be considered to have come into force on December 14, 2000.