|
This is an official version. Copyright © 2000: Queen's Printer, Important Information
Statutes of Newfoundland 2000 AN ACT TO AMEND THE INCOME TAX ACT (Assented to May 12, 2000) Analysis 1. S.8.2 Added 2. Commencement 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 8.1 the following: Equity tax credit 8.2 (1) An eligible investor may apply to the minister for a non refundable tax credit in respect of an eligible investment in an eligible corporation. (2) The minister may give a tax credit to a person who applies under subsection (1). (3) A tax credit given under subsection (2) shall be calculated in the manner prescribed by the regulations. (4) A tax credit shall be deducted against the tax which is otherwise payable under this Act. (5) The Lieutenant-Governor in Council may make regulations (a) establishing the criteria for determining who is an eligible investor, what corporation is an eligible corporation and what investments are eligible investments; (b) respecting the issuance of and the grounds for revocation of certificates of eligibility to corporations; (c) limiting the amounts which an eligible corporation may raise through the use of credits; (d) prescribing how funds raised may be used by a corporation; (e) respecting the wind-up and dissolution of an eligible corporation; (f) setting the amount of a tax credit that may be paid to an eligible investor; (g) setting limits on the amounts of eligible investments; (h) respecting the carrying forward or back of a credit; (i) respecting the holding period for an eligible investment; (j) prescribing penalties for failure to comply with the regulations; and (k) generally to give effect to the purpose of this section. Commencement 2. This Act comes into force on a day to be proclaimed by the Lieutenant-Governor in Council. ©Earl G. Tucker, Queen's Printer |