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Fifth Session, 44th General Assembly 52 Elizabeth II, 2003 |
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AN ACT TO AMEND THE INCOME TAX ACT, 2000 |
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Received and Read the First Time |
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Second Reading |
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Committee |
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Third Reading |
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Royal Assent |
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HONOURABLE JOAN MARIE AYLWARD Minister of Finance and President of Treasury Board |
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Ordered to be printed by the Honourable House of Assembly |
EXPLANATORY NOTES This Bill would amend the Income Tax Act, 2000 to provide that the manufacturing and processing tax credit would only apply to corporations actually carrying on manufacturing or processing in the province. The amendment would be considered to have taken effect on April 1, 2003 and to apply to a corporation in respect of its taxation year ending after March 31, 2003 and subsequent taxation years.
A BILL AN ACT TO AMEND THE INCOME Analysis 1. Ss.41(3) & (4) Added Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows: SNL2000 cI-1.1 1. Section 41 of the Income Tax Act, 2000 is amended by adding immediately after subsection (2) the following: (3) Notwithstanding subsections (1) and (2), no deduction may be made under this section unless the corporation has engaged in manufacturing or processing in the taxation year from a permanent establishment in the province. (4) Subsection (3) is considered to have come into force on April 1, 2003 and applies to a corporation in respect of the corporation's taxation year ending after March 31, 2003 and subsequent taxation years.
©Earl G. Tucker, Queen's Printer |