Promoting Educational Success Tax Credit Act, 2013 Leone, Rob — Bill 140 (40th Parliament, 2nd Session)

Bill 140, 40-2

Ontario — Bills

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Bill 140, Promoting Educational Success Tax Credit Act, 2013

Leone, Rob

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[40] Bill 140 Original (PDF)

Bill 140 2013

Act to amend the Taxation Act, 2007 to implement a promoting educational

success tax credit

Her

Majesty, by and with the advice and consent of the Legislative Assembly of the

Province of Ontario, enacts as follows:

1. The

Taxation Act, 2007 is amended by adding the following Part:

Part

IV.0.1

Promoting educational success tax credit

Promoting

educational success tax credit

103.1.2

(1) A

taxpayer may deduct from the amount of tax otherwise payable under this Act,

for a taxation year ending after this

section comes into force, a tax credit

not exceeding the lesser of,

(

a) the

amount of tax payable by the taxpayer under this Act for the year before making

a deduction under this section; and

(

b) the

amount equal to 25 per cent of the total of all amounts each of which is an eligible

fee incurred by the taxpayer in the year.

Eligible

fee

(2) An eligible fee means a fee paid,

either directly or indirectly, by a taxpayer on behalf of a qualifying employee

for the purpose of the employee,

(

a) enrolling

in a high school credit course under the distance education program established

by the Ontario Educational Communications Authority under

section 16 o f the Ontario Educational Communications Authority Act ; or

(

b) registering

to take the GED tests through the Ontario Educational Communications Authority.

Qualifying

employee

(3) For the purposes of subsection (2), an

individual is a qualifying employee of a taxpayer if he or she satisfies such

criteria as may be prescribed by the Minister of Finance.

Partnerships

(4) If a taxpayer is a partner in a

partnership, but is not a limited partner, and the partnership would qualify

for a fiscal period ending in a taxation year of the partner for a tax credit

under this

section if the partnership were a corporation or individual and its

fiscal period were its taxation year, the portion of the amount of the partnership's

eligible fees that may reasonably be considered to be the partner's share of

that amount may be included in determining the partner's total eligible fees

for the partner's taxation year.

Application

of section

(5) A taxpayer may only claim a credit

under this

section if the Federal Minister has agreed to make such amendments

to the collection agreement referred to in subsection 161 (1) as are necessary

to authorize the administration of the tax credit by the Canada Revenue Agency

on behalf of the Minister of Finance.

Commencement

2. This

Act comes into force on the day it receives Royal Assent.

Short

title

3. The

short title of this Act is the Promoting Educational

Success Tax Credit Act, 2013 .

EXPLANATORY

NOTE

The

Bill amends the Taxation Act, 2007 to implement a

promoting educational success tax credit. The tax credit is non-refundable and

is available to employers who pay the fees for qualifying employees to enrol in

high school credit courses through correspondence or to register to take the

GED tests .

The tax credit is 25 per cent of the fees paid by the employer. A qualifying

employee is an individual who satisfies such criteria as may be prescribed by

the Minister of Finance.

Date Bill stage Activity Committee

November 26, 2013

First Reading

Carried

Debates and Progress

First Reading

November 26, 2013

Committee

Second Reading

Committee

Third Reading

Royal Assent

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Document details

Collection	Ontario — Bills
Citation	Bill 140, 40-2
Type	bill
Volume / chapter	p40 s2 bill 140 html
Language	en
Format	html
Source	PROVINCIAL
Identifier	02398af7005cdc848d64c14fdbfd12cfe76e57f2

Source file is stored in the law ingest library (html).