Fourth

Session, 46th General Assembly

Elizabeth II, 2011

BILL 31

AN ACT TO AMEND THE

INCOME TAX ACT, 2000

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

16, 2011

Second Reading .......................................................................................................... May

17, 2011

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

Amendment May 19, 2011

Third Reading .............................................................................................................. May

19, 2011

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

HONOURABLE

THOMAS W. MARSHALL, Q.C.

Minister of Finance and President of Treasury Board

Ordered

to be printed by the Honourable House of Assembly

EXPLANATORY NOTE

This Bill would amend the Income Tax Act, 2000 to add a provision

respecting a supplementary child care credit, effective January 1, 2011.

A BILL

AN ACT TO AMEND THE INCOME TAX ACT, 2000

Analysis

1. S.17.2 Added

Child care credit

2. S.23 Amdt.

Ordering of credits

3. 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. The Income

Tax Act, 2000 is amended by adding immediately after

section 17.1 the

following:

Child care credit

17.2 For the purpose of computing the tax payable

under this Part for a taxation year, there may be deducted an amount determined

by the formula:

A x B

where

A is the appropriate percentage for the year;

and

B is an amount that is deducted in computing the

taxpayers income for the year under

section 63 of the federal Act.

2. Subsection 23(2) of the Act is amended by

adding immediately after paragraph (b.2) the following:

(b.3)

section 17.2;

Commencement

3. This Act is considered to have come into force

on January 1, 2011.

William E. Parsons, Queen's Printer