Corporations Tax Amendment Act (Fines and Penalties not Deductible), 2004 Churley, Marilyn — Bill 122 (38th Parliament, 1st Session)

Bill 122, 38-1

Ontario — Bills

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Bill 122, Corporations Tax Amendment Act (Fines and Penalties not Deductible), 2004

Churley, Marilyn

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[38] Bill 122 Original (PDF)

Bill 122 2004

An Act to amend the

Corporations Tax Act

to provide that fines and penalties

are not deductible

Her Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows:

1. The Corporations Tax Act is amended by adding the following section:

Fine or penalty not deductible

25.1 Despite any other provision of this Act, in computing its income for a taxation year, a corporation shall not deduct a fine or penalty imposed on it by law.

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 Corporations Tax Amendment Act (Fines and Penalties not Deductible), 2004 .

______________

EXPLANATORY NOTE

The Bill amends the Corporations Tax Act to provide that a corporation shall not deduct a fine or penalty imposed on it by law when computing its income for a taxation year.

Date Bill stage Activity Committee

October 13, 2004

First Reading

Carried

Debates and Progress

First Reading

October

13, 2004

Second Reading

Committee

Third Reading

Royal Assent :

Coming into force :Royal Assent.

Acts Affected: Most Ontario public acts are available electronically; to view copies of the Acts to be amended by this bill visit e-Laws .

Corporations Tax Act

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Document details

Collection	Ontario — Bills
Citation	Bill 122, 38-1
Type	bill
Volume / chapter	p38 s1 bill 122 html
Language	en
Format	html
Source	PROVINCIAL
Identifier	459bff9c06894475387cf9c3ac31ae3c20c5922d

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