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Fifth Session, 44th General Assembly 52 Elizabeth II, 2003 |
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AN ACT TO AMEND THE HEALTH AND POST-SECONDARY EDUCATION TAX ACT |
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Received and Read the First Time |
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Second Reading |
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Committee |
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Third Reading |
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Royal Assent |
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HONOURABLE JOAN MARIE AYLWARD 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 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. Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows: RSNL1990 cH-1 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and (iii) with respect to remuneration paid that is $700,000 or more, $500,000; (2) Subparagraph 3(1)(d)(i) is repealed and the following substituted: (i) with respect to the taxation year beginning on January 1, 2003, remuneration less the exemption threshold, or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 |