Taxation Amendment Act (Heritage Property Tax Credit), 2009 Arnott, Ted — Bill 234 (39th Parliament, 1st Session)

Bill 234, 39-1

Ontario — Bills

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Bill 234, Taxation Amendment Act (Heritage Property Tax Credit), 2009

Arnott, Ted

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[39] Bill 234 Original (PDF)

Bill 234 2009

Act to amend the Taxation Act, 2007 to provide for a tax credit for heritage

properties

Note:

This Act amends the Taxation Act, 2007. For the legislative history of the

Act, see the Table of Consolidated Public Statutes – Detailed Legislative

History at www.e-Laws.gov.on.ca.

Her

Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows:

1. The

Taxation Act, 2007 is amended by adding the following Part:

part v.3

heritage property tax credit

Definitions

104.11

(1) In

this section,

"eligible

property" means, in respect of a taxpayer, a property that, at any time,

(

a) is

an eligible heritage property as defined in subsection 365.2 (2) of the Municipal Act, 2001 ,

and

(

b) is

owned at that time, whether jointly with another person or otherwise, by the

taxpayer or, if the taxpayer is an individual, a qualifying relation in respect

of the taxpayer; ("bien admissible")

"government assistance" means assistance in any form from a government,

municipality or other public authority, and includes a grant, subsidy,

forgivable loan, deduction from tax or investment allowance, but does not

include any assistance as may be prescribed; ("aide gouvernementale")

"qualifying activity" means, in respect of an eligible property, an

activity that,

(

a) relates

to a property that is an eligible property at the time of the activity, and

(

b) satisfies

such conditions as may be prescribed; ("activité admissible")

"qualifying expenditure" means, in respect of an eligible property of a

taxpayer for a taxation year, an outlay or expense that,

(

a) is

made or incurred in the year by the taxpayer or, if the taxpayer is an

individual, a qualifying relation in respect of the taxpayer,

(

b) is

the cost of goods acquired or services received if they are directly

attributable to a qualifying activity in respect of the eligible property, and

(

c) is

not excluded by the prescribed rules; ("dépense admissible")

"qualifying relation" means, in respect of a taxpayer who is an

individual, a person who is the taxpayer's spouse or common-law partner, or a

child of the taxpayer who has not attained the age of 18 years before the end

of the particular taxation year, other than a child who was, at any time in the

year, a married person, a person who is in a common-law partnership or a person

who has a child. ("proche admissible")

Heritage

property tax credit

(2) Taxpayers may, in computing their tax payable under

this Act for a taxation year, deduct a heritage property tax credit equal to

the lesser of their tax payable under this Act for the year, determined without

reference to this section, and the amount determined under subsection (3).

Amount

of tax credit

(3) The amount of a taxpayer's heritage property tax

credit for a taxation year in respect of an eligible property of the taxpayer

is the amount calculated using the formula,

× (B –

C) in which,

"A" is the percentage prescribed for the purposes of this subsection,

"B" is the lesser of the amount prescribed for the purposes of

this subsection and the total of all amounts each of which is a qualifying

expenditure in respect of the eligible property for the year that is incurred

after the prescribed date, and

"C" is the total of all government assistance, if any, relating to

the qualifying expenditure in respect of the eligible property that, on the

taxpayer's filing due-date for the taxation year for which the tax credit is

claimed, the taxpayer has received, is entitled to receive or may reasonably

expect to receive, to the extent that the government assistance has not been

repaid under a legal obligation to do so.

Apportionment

(4) If more than one taxpayer is entitled to a tax credit

under this

section for a taxation year in respect of a particular eligible

property, the total of all tax credit amounts shall not exceed the maximum tax

credit that would be available for the year by any one of those taxpayers in

respect of the property, if that taxpayer were the only taxpayer entitled to a

tax credit for the year under this section, and if the taxpayers cannot agree

as to what portion of the tax credit each is entitled to, the Minister may fix

the portions.

Commencement

2. This

Act comes into force on a day to be named by proclamation of the Lieutenant

Governor.

Short

title

3. The

short title of this Act is the Taxation Amendment Act (Heritage Property Tax Credit), 2009 .

EXPLANATORY NOTE

The

Bill amends the Taxation

Act, 2007 to provide a non-refundable tax credit in respect of

qualifying expenditures that are directly attributable to a qualifying activity

relating to an eligible heritage property, as defined in

section 365.2 of the Municipal Act, 2001 ,

that is owned by the taxpayer or, if the taxpayer is an individual, the

taxpayer's qualifying relation. The tax credit will apply to qualifying

expenditures that are incurred after the prescribed date. Various components

of the tax credit will be prescribed by regulations made under the Taxation Act, 2007 .

Date Bill stage Activity Committee

December 8, 2009

First Reading

Carried

Debates and Progress

First Reading

December 8, 2009

Committee

Second Reading

Committee

Third Reading

Royal Assent :

Coming into force :

Acts affected - Bill 234

Most Ontario public acts are available electronically; to view copies of the Acts to be amended by this bill visit e-laws

Taxation Act, 2007

Legislative Assembly of Ontario

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Document details

Collection	Ontario — Bills
Citation	Bill 234, 39-1
Type	bill
Volume / chapter	p39 s1 bill 234 html
Language	en
Format	html
Source	PROVINCIAL
Identifier	c372cb076f4490b02778a4d3511ebaeb49f1d6a3

Source file is stored in the law ingest library (html).