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Volume 47, No. 4

B.C. Reg. 56/2004

The British Columbia Gazette,

Part II

February 24, 2004

B.C. Reg. 56/2004, deposited February 23, 2004, pursuant to the SMALL BUSINESS VENTURE CAPITAL ACT [Sections 8 and 37]. Order in Council 153/2004, approved and ordered February 23, 2004.

On the recommendation of the undersigned, the Administrator,

by and with the advice and consent of the Executive Council, orders that

section

21 of the Small Business Venture Capital Regulation, B.C. Reg. 390/98, is repealed

and the following substituted:

Annual maximum venture capital incentive

(1) With respect to venture capital tax credits

for venture capital corporations to hold eligible investments in small businesses

that have permanent establishments as determined under the Income Tax Act

(Canada) or an eligible business corporation registered under

Part 2 of the

Act, the annual maximum venture capital incentive for the 1999 calendar year

and for each subsequent calendar year except 2003 is

(a) $12 million,

(

b) if the eligible investment is outside the Greater Vancouver Regional District or the Capital Regional District, a further $3 million in addition to the $12 million specified in paragraph (a), and

(

c) if the eligible investment is substantially engaged in an activity prescribed under

section 11 (1) (e), a further $5 million in addition to the $12 million specified in paragraph (

a) and the $3 million specified in paragraph (b).

(2) For the 2003 calendar year, with respect to venture

capital tax credits for venture capital corporations to hold eligible investments

in small businesses that have permanent establishments as determined under the

Income Tax Act (Canada) or an eligible business corporation registered

under

Part 2 of the Act, the annual maximum venture capital incentive is

(a) $16 million,

(

b) if the eligible investment is outside the Greater Vancouver Regional District or the Capital Regional District, a further $3 million in addition to the $16 million specified in paragraph (a), and

(

c) if the eligible investment is substantially engaged in an activity prescribed under

section 11 (1) (e), a further $5 million in addition to the $16 million specified in paragraph (

a) and the $3 million specified in paragraph (b).

— G. CAMPBELL, Presiding Member of the Executive Council.

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