Bill 30 (Legislature 18, Session 1)

L18 S1 5482

Alberta — Bills

1975 Bill 30 (Second Session) .... 1;=1 , ,. 'l" First Session, 18th Legislature, 24 Elizabeth II THE LEGISLATIVE ASSEMBLY OF ALBERTA BILL 30 THE UTILITY COMPANIES IN'COME TAX REB,AYES AMEND'MENT ACT, 1975 THE PROVINCIAL TREASURER First Reading ...... ,', ........ ,.,." .... ,., Second Reading Third Reading Printed by the Queen's Printer for the Province of Alberta, EDMONTON

Bill 30 BILL 30 1975 (Second Session) THE UTIUTY COIMiPA:NIES INCOME T'AX RESATES AMEND'MENT ACT, 1975 (Assented to , 1975) HER MAJESTY, by and with the advice and consent of the Legislative Assembly of Alberta, enacts as follows: 1. The Utility Companies Income Tax Rebates Act is hereby amended.

Section 2 is amended (

a) by striking out clause (

a) and by substituting the following clause: (a) "federal tax rebate" means moneys paid to the Government of Canada by utility companies as income tax or estimated income tax payable under the Income Tax Act (Canada) for the 1966 or any subsequent taxation year and transferred to the Government of Alberta pur suant to the Public Utilities Income Tax Trans fer Act (Canada) as amended from time to time; (

b) as to clause (b)· by adding after the words "income tax" the words "or estimated income tax", (

c) as to clause (c), subclause (

i) by striking out the words "or gas" and by substituting the words ", gas or steam".

Section 3 is struck out and the following

section is sub stituted: 3.

(1) Subject to the regulations, the ProvincialT'reas urer may make payments to utility companies, for the bene fit of the persons who are from time to time its customers in Alberta, of moneys not exceeding in the aggregate the total of (

a) moneys received or estimated to be receivable by the Province by way of federal tax rebate, and (

b) moneys received or estimated to be receivable by the Province as provincial income tax.

1. This Bill will amend

chapter 3;8.0 of the Revised Statutes of Alberta 197.0.

Section 2 presently reads: 2. In this Act, (a) "federal tax rebate" means moneys paid to the Government of Canada by utility 'C;ompanies as income tax under the Income Tax Act (Canada) for the 1966 or any subsequent taxation year and transferred to the Government of Alberta pursuant to

an Act of the Parliament of Canada; (b) "provincial inoome tax" means moneys paid by utility companies as income tax under The Alberta Income Tax Act for the 1966 or any subs,equent taxation year; (c) "utility company" means a corporation that (

i) carries on business in the Province as a distributor and seller .of electrical energy or gas, and (ii) is designated under the regulations as a utmty company for the purposes of this Act.

Section 3 presently reads: 3. Subject to the re,gulati'Ons, the Provinoial Treasurer may make payments to utility companies, for the benefit of the persons whQ are from time to time its cust'omers in Alberta, of the whole OT part .of (

a) moneys received by the Provtnce by way of federal tax rebates, and (

b) moneys received by the Prov'ince as provincial income taxes.

(2) Where the Provincial Treasurer makes any pay ment under subsection (1) to a utility company before the Province receives the federal tax rebate and the provincial income tax, or either, in respect of that utility company, he may deduct interest charges in accordance with subsection (3) from any payment to that utility company under sub secti'On (1).

(3) Interest charges on moneys paid to utility companies under subsection (1) before the Province receives the fed e1}al tax rebate and the provincial income tax, or either, in respect of that utility company, :shall be equal to the interest that would be earned by the Province if the Province were to invest an amount equal to those monies paid (

a) at the regular prime lending rate of the Province of Alberta Treasury Branches then in effect, and (

b) for a period commencing with the payment of the monies and terminating with the actual or esti mated receipt by the Province of the federal tax rebate and the provincial income tax, or either in respect of that utility company.

Section 4 is amended by adding the following clause after clause (d): (d1) designating which portions of provincial income tax may be paid by the Provincial Treasurer under

section 3, subsection (1), clause (b), 5. This Act comes into force on the day upon which it is assented to.

Section 4 empowers the Lieutenant Governor in Council to make regulations. 2 Title: 1975 (18th, 1st) Bill 30, The Utility Companies Income Tax Rebates Amendment Act, 1975

Document details

Collection	Alberta — Bills
Citation	L18 S1 5482
Type	bill
Volume / chapter	L18 S1 5482
Language	en
Format	json
Source	PROVINCIAL
Identifier	fa404f8e50cc49872f3e25bccc4a3d1ac48ab30e

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