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St. John's, Newfoundland and Labrador, Canada

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Newfoundland and Labrador
Regulation 2010


NEWFOUNDLAND AND LABRADOR REGULATION 23/10

NEWFOUNDLAND AND LABRADOR
REGULATION 23/10

Home Heating Tax Credit Program Regulations
(Amendment)

under the
Income Tax Act, 2000
(O.C. 2010-130)

(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
Clerk of the Executive Council

REGULATIONS

Analysis


        1.    S.4 R&S
Benefit reduction calculation


NLR 32/08
as amended

        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 Section 4 of the Home Heating Tax Credit Program Regulations is repealed and the following substituted: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 Labrador program area.

             (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 Labrador program area, 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)  $500 minus ((adjusted income minus $35,000) X 8%); and

             (b)  $100.