Bill 254 — Third Session, 19Th Legislature, 30 Elizabeth Ii the Legislative Assembly of Alberta Bill 254 An Act To Amend the Alberta Corporate Income Tax Act (Legislature 19, Session 3)

L19 S3 4018

Alberta — Bills

1981 BILL Third Session, 19th Legislature, 30 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL

AN ACT TO AMEND THE ALBERTA CORPORATE INCOME TAX ACT MR. D. ANDERSON First Reading Second Reading Committee of the Whole Third Reading Royal Assent Title: 1981 (19th, 3rd) Bill 254,

An Act to Amend the Alberta Corporate Income Tax Act Bill Mr. D. Anderson BILL 254

AN ACT TO AMEND THE ALBERTA CORPORATE INCOME TAX ACT (Assented to , 1981) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as follows: 1 The Alberta Corporate Income Tax Act is amended by this Act. 2 The following is added after

section 18: 18.1(1) In addition to the provisions of

section 18, in computing taxable income a corporation may deduct (

a) any income that would have been payable received by way of interest by the corporation on a loan granted to an employee or employee’s trust under an employee stock own ership plan, if interest had been charged, at the rate of interest established for the purpose of this

section by the regulations, less the income actually received by the corporation by way of interest on the loan, and (

b) the part specified in the regulations, of the net value of any shares transferred or sold to an employee or an em ployee’s trust under an employee stock ownership plan.

(2) In this

section “employee stock ownership plan” means a plan conforming to the definition in the regulations. 3 This Act comes into force on a date to be fixed by Proclamation. 1 Explanatory Notes This Bill will amend

chapter 10, Statutes of Alberta, 1980. 2 Authorizes deduction of interest foregone on employee share purchase plans and value of stock transferred to employees. 3 Coming into force. 1 Title: 1981 (19th, 3rd) Bill 254,

An Act to Amend the Alberta Corporate Income Tax Act

Document details

Collection	Alberta — Bills
Citation	L19 S3 4018
Type	bill
Volume / chapter	L19 S3 4018
Language	en
Format	json
Source	PROVINCIAL
Identifier	d88d6c6dd8156cb1bbfb6781c2a1326cfc4d1414

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