Second

Session, 46th General Assembly

Elizabeth II, 2009

BILL 29

AN ACT TO AMEND THE

INCOME TAX ACT, 2000

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 NOTE

This Bill to amend the Income Tax Act, 2000 would have the

effect of increasing the dividend tax rate on eligible dividends from 6.65% to

9.75% for the 2009 taxation year.

A BILL

AN ACT TO AMEND THE INCOME TAX ACT, 2000

Analysis

S.20 Amdt.

Dividend tax credit

Commencement

Be it enacted by the Lieutenant-Governor and

House of Assembly in Legislative Session convened, as follows:

SNL2000 cI-1.1

as amended

1. Paragraph 20(

b) of the Income Tax Act, 2000 is amended by striking out the numbers and

symbol "21.43%" and substituting the numbers and symbol "31.42%".

Commencement

2. This Act is considered to have come into force

on January 1,

2009 .

Earl G. Tucker, Queen's Printer