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First Session, 46th General Assembly 57 Elizabeth II, 2008 |
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AN ACT TO AMEND THE INCOME TAX
ACT, 2000 |
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Received and Read the First Time................................................................................................... |
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Second |
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Committee............................................................................................................................................ |
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Third |
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Royal Assent...................................................................................................................................... |
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HONOURABLE THOMAS
W. MARSHALL, Q.C. Minister of Finance and President of Treasury Board |
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Ordered to be printed by
the Honourable House of Assembly |
EXPLANATORY NOTES This Bill would amend the Income Tax Act, 2000 to reduce the rate of personal income tax by one percentage point in each personal tax bracket. The amendments proposed in the Bill
would be considered to have come into force on |
A BILL AN ACT TO AMEND THE INCOME TAX ACT, 2000 Analysis 1.
S.7 Amdt. 2. Commencement Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows: SNL2000 cI-1.1 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 (1) Subsection 7(2) of the Income Tax Act, 2000 is repealed and the following substituted: (2) The tax payable under this Part for the 2008 taxation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 (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 ŠEarl G. Tucker, Queen's Printer |