1.   S.82 Amdt.
Net income

        2.   S.85 Amdt.
Mineral rights tax

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

SNL2009 cR-15.01 as amended

        1. Section 82 of the Revenue Administration Act is amended by adding immediately after subsection (2) the following:

       (2.01)  Notwithstanding subsection (2), an operator shall not deduct exploration expenditures referred to in subsection (2) where the exploration expenditures were deducted under paragraph 85(4)(b).

 

        2. Section 85 of the Act is amended by adding immediately after subsection (4) the following:

         (4.1)  Notwithstanding paragraph (4)(b), the cost of capital assets shall not be included in exploration expenditures for the purposes of calculating net revenue under subsection (4).

         (4.2)  Notwithstanding subsection (4), exploration expenditures referred to in paragraph (4)(b) shall not be deducted for the purposes of determining net revenue under this section where the exploration expenditures were deducted under subsection 82(2).

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