Bill 213 — Third Session, 20Th Legislature, 34 Elizabeth Ii the Legislative Assembly of Alberta Bill 213 An Act To Amend the Alberta Income Tax Act (Legislature 20, Session 3)

L20 S3 3430

Alberta — Bills

1985 BILL 213 Third Session, 20th Legislature, 34 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL 213

AN ACT TO AMEND THE ALBERTA INCOME TAX ACT MR. GURNETT First Reading Second Reading Committee of the Whole Third Reading Royal Assent

Bid 213 Mr. Gurnett BILL 213 1985

AN ACT TO AMEND THE ALBERTA INCOME TAX ACT (Assented to , 1985) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as follows: 1 The Alberta Income Tax Act is amended by this Act. 2 The following is added after

section 14: Farm Capital Gains Tax 14.1(1) In this section, (a) "farm" means land, improvements or equipment used by a farmer for the purpose of farming, and (b) "farmer" means a person whose principal source of income is farming, who is (

i) an individual or (ii) a corporation or partnership, the directors, offi cers and shareholders, or partners, of which are all engaged to a substantial extent in the operation of the farm.

(2) Notwithstanding

section 3(3) a farmer is not liable to pay an income tax under this Act in respect of a capital gain on a sale of all or any part of his farm where (

a) the farmer has actively farmed the farm, all or part of which has been sold, for 5 of the 8 years immediately preceding the sale;

Explanatory Notes 1 This Bill will amend

chapter A-31 of the Revised Statutes of Alberta 1980. 2 Exempts farmer from provincial portion of capital gains tax in respect of sale of farm.

(

b) the sale has been to a person who has undertaken in the prescribed form, that the property sold will not be used for any purpose other than farming for the 3 years following the sale. 3 This Act comes into force on Proclamation.

3 Coming into force. Title: 1985 (20th, 3rd) Bill 213,

An Act to Amend the Alberta Income Tax Act

Document details

Collection	Alberta — Bills
Citation	L20 S3 3430
Type	bill
Volume / chapter	L20 S3 3430
Language	en
Format	json
Source	PROVINCIAL
Identifier	8bdb85d2ff8a8a43c4b747330f601ce98cd40096

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