Statutes of Newfoundland and Labrador 2002 Chapter 5

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Statutes of Newfoundland and Labrador 2002

Statutes of Newfoundland and Labrador 2002 Chapter 5 CHAPTER 5

AN ACT TO AMEND THE INCOME TAX ACT, 2000
(Assented to May 22, 2002)

Analysis

1. S.20 Amdt.
Deduction for taxable dividends

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

SNL2000 cI-1.1
as amended

1. (1) Section 20 of the Income Tax Act, 2000 is amended by renumbering it as subsection 20(1) and by deleting the word "Section" and substituting the words and commas "Before March 22, 2002, section".

(2) Section 20 of the Act is amended by adding immediately after subsection 20(1) the following:

(2) After March 21, 2002, section 121 of the federal Act applies for the purpose of this Act, except that the reference to "2/3" (or to the fraction that it is amended to read) in that section of the federal Act shall be read as a reference to 25% for the purpose of this Act.