7

.

Fifth Session, 44th General Assembly

52 Elizabeth II, 2003

BILL 7

AN ACT TO AMEND THE HEALTH AND POST-SECONDARY EDUCATION TAX ACT

Received and Read the First Time

Second Reading

Committee

Third Reading

Royal Assent

HONOURABLE JOAN MARIE AYLWARD

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 Health and Post-Secondary Education Tax Act to effect the change in the amount of remuneration that is subject to tax as announced by the Minister of Finance in the budget speech.

 

A BILL

AN ACT TO AMEND THE HEALTH AND POST-SECONDARY EDUCATION TAX ACT

Analysis

1. S.3(1) Amdt.
Imposition of tax

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


RSNL1990 cH-1
as amended

1. (1) Subsection 3(1) of the Health and Post-Secondary Education Tax Act is amended by adding immediately after paragraph (a) the following:

(a.1) "exemption threshold" means

(i) with respect to remuneration paid that is $600,000 or less, $600,000,

(ii) with respect to remuneration paid that is more than $600,000 but less than $700,000, $600,000 minus (remuneration - $600,000), and

(iii) with respect to remuneration paid that is $700,000 or more, $500,000;

(2) Subparagraph 3(1)(d)(i) is repealed and the following substituted:

(i) with respect to the taxation year beginning on January 1, 2003, remuneration less the exemption threshold, or

 

 

©Earl G. Tucker, Queen's Printer