Bill 17 (Legislature 18, Session 2)

L18 S2 5589

Alberta — Bills

1976 Bill Second Session, 18th Legislature, 25 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL THE ALBEiRTA INCQ'ME TAX AMENIDIMENT ACT, 1976 THE PROVINCIAL TREASURER First Reading Second Reading ............................ . Third Reading PrInted by tile Queen's PrInter for the Province of Alberta, EDMONTON Bill BILL 17 1976 (Assented to , 1976) 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 hereby amended. 2.

(1) Section 8.4, subsection (1), clause (

a) is amended by striking out all that part of the clause following sub clause (iv) and by substituting the following: where those amounts relate to the produotion from oil or gas wells or bituminous sands or oil sands or to any right, licence or privilege to explore for, drill for or recover petroleum or natural gas or to explore for, mine, quarry, remove, treat or process bituminous sands or oil sands, less the aggregate of (

v) any Canadian development expense as described in

section 66.2, subsection (5), paragraph (a), subparagraph (iv) of the federal Act, and (vi) the amount allowed to the taxpayer for the year under

section 20, subsection (1), para~ graph (v.

l) of the federal Act in respect of oil or gas wells or bitumini us sands or oil sands;

(2) This

section applies to the a,nd subsequent taxation years. 3. This Act comes into force on the day upon which it is assented to. Explanatory Notes I. This Bill will amend

chapter 18'2 of The Revised Statutes of Alberta 1970. 2.

Section 8 (1) (

a) of the Act contains the definition of "attributed Canadian royalty income" for the purposes of the oil and gas royalty tax rebates program.

Section 20 (1) (V.

I) of the federal Income Tax Act permits a deduction for a "resource allow ance" and the effect of the amendment is to reduce the amount of "attributed Canadian royalty income" accordingly. Title: 1976 (18th, 2nd) Bill 17, The Alberta Income Tax Amendment Act, 1976

Document details

Collection	Alberta — Bills
Citation	L18 S2 5589
Type	bill
Volume / chapter	L18 S2 5589
Language	en
Format	json
Source	PROVINCIAL
Identifier	d2e89c6813ebcee9168a8402a345e48dbb76b45c

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