Second

Session, 46th General Assembly

Elizabeth II, 2009

BILL 3

AN ACT TO AMEND THE

LABOUR-SPONSORED

VENTURE CAPITAL TAX CREDIT ACT

Received and Read the First Time ...................................................................................................

Second Reading .................................................................................................................................

Committee ............................................................................................................................................

Third Reading .....................................................................................................................................

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

HONOURABLE

JEROME P. KENNEDY, Q.C .

Minister of Finance and President of Treasury Board

Ordered

to be printed by the Honourable House of Assembly

EXPLANATORY NOTES

This Bill would amend the Labour-Sponsored Venture Capital Tax Credit

Act to increase the provincial tax credit rate for eligible investors who

invest in a labour-sponsored venture capital corporation effective April 1, 2009 .

This Bill would also amend the Act to

increase the maximum annual investment for which a tax credit would be

available to eligible investors for investment in eligible shares, commencing

with the 2009 taxation year.

A BILL

AN ACT TO AMEND THE LABOUR-SPONSORED

VENTURE CAPITAL TAX CREDIT ACT

Analysis

S.8 Amdt.

Tax credit certificate

Commencement

Be it enacted by the Lieutenant-Governor and

House of Assembly in Legislative Session convened, as follows:

SNL2004 cL-1.1

1. (1) Paragraph 8(1)(

a) of the Labour-Sponsored Venture Capital Tax Credit

Act is amended by striking out the number and symbol "15%" and

substituting the number and symbol "20%".

(2) Paragraph 8(2 )(

d) of

the Act is repealed and the following substituted:

(

d) the aggregate

investment in eligible shares, for which entitlements to tax credit

certificates the eligible investor has applied for in the year, does not exceed

$10,000;

Commencement

2. (1) Subsection 1(1) of this Act is

considered to have come into force on April 1, 2009 .

(2) Subsection 1(2) of this Act is considered to

have come into force on January 1, 2009 .

Earl G. Tucker, Queen's Printer