First

Session, 47th General Assembly

Elizabeth II, 2012

BILL 4

AN ACT TO AMEND THE

INCOME TAX ACT, 2000

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

8, 2012

Second Reading ........................................................................................................... April

2, 2012

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

Amendment

April 2, 2012

Third Reading ............................................................................................................... April

3, 2012

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 volunteer firefighters' tax credit, effective January 1, 2011.

A BILL

AN ACT TO AMEND THE INCOME TAX ACT, 2000

Analysis

S.17.3 Added

Volunteer firefighter tax credit

S.23 Amdt.

Ordering of credits

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 17.2 the

following:

Volunteer

fire-fighters' tax credit

17.3 For

the purpose of computing the tax payable under this Part for a

taxation year, there may be deducted the amount determined by the formula:

A x B/C

where

A is the amount deducted by the individual under

section 118.06 of the federal Act for the year,

B is the appropriate percentage for the year,

and

C is the appropriate percentage for the year as

defined in

section 248(1) of the federal Act.

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

adding immediately after paragraph (b.3) the following:

(b.4)

section 17.3;

Commencement

3. This Act is considered to have come into force

on January 1, 2011.

William E. Parsons, Queen's Printer