CHAPTER 20

AN ACT TO AMEND THE INCOME TAX ACT, 2000

(Assented to June 4, 2008)

Analysis

        1.   S.7 Amdt.
Amount of tax payable

        2.   Commencement

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 (1) Subsection 7(2) of the Income Tax Act, 2000 is repealed and the following substituted:

             (2)  The tax payable under this Part for the 2008 taxation year by an individual on the individual's taxable income or taxable income earned in Canada, in sections 6 to 33 referred to as the "taxable income", is

             (a)  8.2 % of the taxable income if the taxable income does not exceed $29,590;

             (b)  $2,426 plus 13.3% of the amount by which the taxable income exceeds $29,590 if the taxable income exceeds $29,590 and does not exceed $59,180; and

             (c)  $6,362 plus 16.0% of the amount by which the taxable income exceeds $59,180.

             (2)  Section 7 of the Act is amended by adding immediately after subsection (2) the following:

             (3)  The tax payable under this Part for a taxation year by an individual on the individual's taxable income or taxable income earned in Canada, in sections 6 to 33 referred to as the "taxable income" for the 2009 and subsequent taxation years, is

             (a)  7.7 % of the taxable income if the taxable income does not exceed $29,590;

             (b)  $2,278 plus 12.8% of the amount by which the taxable income exceeds $29,590 if the taxable income exceeds $29,590 and does not exceed $59,180; and

             (c)  $6,066 plus 15.5% of the amount by which the taxable income exceeds $59,180.

 

        2. This Act shall be considered to have come into force on January 1, 2008.

©Earl G. Tucker, Queen's Printer