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First
Session, 47th General Assembly 61
Elizabeth II, 2012 |
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AN ACT TO AMEND THE
INCOME TAX ACT, 2000 |
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Received and Read the First Time.......................................................................... March
8, 2012 |
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Second Reading........................................................................................................... April
2, 2012 |
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Committee...............................................................................................
Amendment
April 2, 2012 |
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Third Reading............................................................................................................... April
3, 2012 |
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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 NOTE This Bill would amend the Income Tax Act, 2000 to add a provision respecting a volunteer firefighters' tax credit, effective January 1, 2011. |
A BILL AN ACT TO AMEND THE INCOME TAX ACT, 2000 Analysis 1.
S.17.3 Added 2.
S.23 Amdt. 3. Commencement Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows: SNL2000 cI-1.1 1. The Income Tax Act, 2000 is amended by adding immediately after section 17.2 the following: Volunteer fire-fighters' tax credit 17.3 For the purpose of computing the tax payable under this Part for a taxation year, there may be deducted the amount determined by the formula: A x B/C where A is the amount deducted by the individual under section 118.06 of the federal Act for the year, B is the appropriate percentage for the year, and C is the appropriate percentage for the year as defined in section 248(1) of the federal Act. 2. Subsection 23(2) of the Act is amended by adding immediately after paragraph (b.3) the following: (b.4) section 17.3; Commencement 3. This Act is considered to have come into force on January 1, 2011. ©William E. Parsons, Queen's Printer |