BILL NO. 57

(as introduced)

2nd Session, 61st General Assembly
Nova Scotia
59 Elizabeth II, 2010

Private Member's Bill

Income Tax Act
(amended)

Harold Theriault Jr
Digby-Annapolis

First Reading: May 3, 2010

(Explanatory Note)

Second Reading:

Third Reading:

This Bill implements a senior independent living tax credit for costs associated with the installation and maintenance of a life or medical alert system.

1 Chapter 217 of the Revised Statutes, 1989, the Income Tax Act, is amended by adding immediately after Section 12B the following Section:

12C (1) Subject to subsection (4), for the purpose of computing the tax payable under this Part for a taxation year by an individual there may be deducted in respect of an individual who has attained the age of sixty years before the end of the year an amount determined by the formula
A x B

where

A is the appropriate percentage for the year;

B is the lesser of

(a) $500; and

(b) the total of all amounts paid by the individual for the installation of eligible life or medical alert systems in their residences.

(2) The Governor in Council may make regulations designating eligible life and medical alert system providers for the purpose of this Section.

(3) The Governor in Council may make regulations outlining the definition of residences.

(4) The Governor in Council may make regulations with respect to the retroactive applicability of the senior independent living tax credit for costs which have occurred prior to the coming into force of this Section.

3 This Act comes into force on such day as the Governor in Council orders and declares by proclamation.