4

 

 

First Session, 47th General Assembly

61 Elizabeth II, 2012

BILL 4

AN ACT TO AMEND THE INCOME TAX ACT, 2000

Received and Read the First Time.......................................................................... March 8, 2012

Second Reading........................................................................................................... April 2, 2012

Committee............................................................................................... Amendment April 2, 2012

Third Reading............................................................................................................... April 3, 2012

Royal Assent......................................................................................................................................

HONOURABLE THOMAS W. MARSHALL, Q.C.

Minister of Finance and President of Treasury Board

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
Volunteer firefighter tax credit

        2.   S.23 Amdt.
Ordering of credits

        3.   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. 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.