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Newfoundland and Labrador NEWFOUNDLAND AND LABRADOR Home Heating Tax Credit Program Regulations (Filed April 26, 2010) 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, April 15, 2010. Gary Norris REGULATIONS Analysis 1.
S.4 R&S NLR 32/08 1. Section 4 of the Home Heating Tax Credit Program Regulations is repealed and the following substituted: Benefit reduction calculation 4. (1) Where an eligible householder's adjusted income is $35,000 or less for the taxation year preceding the program year, the amount of overpayment of tax referred to in subsection 3(1) shall be (a) $250; or (b) $500 in the (2) Where an eligible householder's adjusted income is more than $35, 000 but is $40,000 or less for the taxation year preceding the program year, the amount of the overpayment of tax referred to in subsection 3(1) shall be the greater of (a) $250 minus ((adjusted income minus $35,000) X 3%); and (b) $100. (3) Notwithstanding subsection (2), where, in the (a) $500 minus ((adjusted income minus $35,000) X 8%); and (b) $100. ©Earl G. Tucker, Queen's Printer |