BILL NO. 242

(as introduced)

2nd Session, 60th General Assembly
Nova Scotia
58 Elizabeth II, 2009

Private Member's Bill

Small Business Growth and Opportunities Act

The Honourable Stephen McNeil
Annapolis

First Reading: April 30, 2009

(Explanatory Notes)

Second Reading:

Third Reading:

Clause 1 sets out the short title of the Act.

Clause 2 reduces the small corporation tax rate from 5% to 1%.

Clause 3 provides specific authority for a micro-credit small loans program for small businesses.

1 This Act may be cited as the Small Business Growth and Opportunities Act.

2 Subsection 40(2) of Chapter 217 of the Revised Statutes, 1989, the Income Tax Act, as enacted by Chapter 4 of the Acts of 2000, is amended by striking out "5%" in the ninth line and substituting "1%".

3 Section 16 of Chapter 30 of the Acts of 2000, the Nova Scotia Business Incorporated Act, is amended by adding immediately after subsection (7) the following subsection:

(8) For greater certainty, the Corporation may create a small loans program to provide financial assistance in amounts not greater than twenty-five thousand dollars on such terms as are prescribed by regulations.