Statutes of Newfoundland 1998 Chapter 9

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Statutes of Newfoundland 1998

CHAPTER 9 CHAPTER 9

AN ACT TO AMEND THE INCOME TAX ACT
(Assented to June 5, 1998)

Analysis

1. S.8.1 Added
Film or video tax credit

2. S.32(1)(b.1) & (b.2) Added
Regulations

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

RSN1990 cI-1

1. The Income Tax Act is amended by adding immediately after section 8 the following:

Film or video tax credit

8.1 (1) A corporation producing an eligible film or video in the province may apply to the minister in the manner prescribed by regulation for a film or video industry tax credit.

(2) The tax credit shall be calculated in a manner prescribed by regulation.

(3) The tax credit shall be deducted against the tax which is otherwise payable under this Act.

(4) Where the tax credit calculated in accordance with subsection (2) exceeds the tax otherwise payable under this Act, the minister may pay the amount of the excess to the corporation in a manner prescribed by regulation.

2. Subsection 32(1) of the Act is amended by adding immediately after paragraph (b) the following:

(b.1) prescribing the eligibility requirements and the manner and method of calculating a film or video industry tax credit;

(b.2) prescribing for the payment to a corporation of an amount by which a tax credit determined under subsection 8.1(2) exceeds the tax otherwise payable under this Act, and including conditions or restrictions in relation to a payment;