BILL NO. 64

(as introduced)

1st Session, 62nd General Assembly
Nova Scotia
63 Elizabeth II, 2014



Government Bill



Financial Measures (2014) Act



The Honourable Diana C. Whalen
Minister of Finance and Treasury Board



First Reading: April 23, 2014

(Explanatory Notes)

Second Reading: April 24, 2014

Third Reading: May 1, 2014 (LINK TO BILL AS PASSED)

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Explanatory Notes

Clause 1 sets out the short title of the Act.

Clause 2 repeals a provision in the Financial Measures (2012) Act that requires the Minister of Finance to take the necessary steps to lower the provincial portion of the harmonized sales tax from 10% to 9% on July 1, 2014, and from 9% to 8% on July 1, 2015, or on an earlier date in those years if so directed by the Executive Council.

Clause 3 amends the Income Tax Act to eliminate the Post-Secondary Graduate Retention Rebate as of December 31, 2013, and reducing the maximum lifetime deductions to reflect the fact that the credit was only in effect for five years.

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An Act Respecting Certain
Financial Measures

Be it enacted by the Governor and Assembly as follows:

1 This Act may be cited as the Financial Measures (2014) Act.

FINANCIAL MEASURES (2012) ACT

2 Section 3 of Chapter 4 of the Acts of 2012, the Financial Measures (2012) Act, is repealed.

INCOME TAX ACT

3 (1) Subsection 36A(2) of Chapter 217 of the Revised Statutes, 1989, the Income Tax Act, as enacted by Chapter 5 of the Acts of 2009, is amended by

(a) adding ", after December 31, 2008, and before January 1, 2014" immediately after "(8)" in the first line;

(b) adding ", and before January 1, 2014" immediately after "2008" in the third line;

(c) adding "and" after the semicolon at the end of clause (d);

(d) striking out "; and" at the end of clause (e) and substituting a period; and

(e) striking out clause (f).

(2) Subsection 36A(3) of Chapter 217, as enacted by Chapter 5 of the Acts of 2009, is amended by striking out "$15,000" in the third line and substituting "$12,500".

(3) Subsection 36A(4) of Chapter 217, as enacted by Chapter 5 of the Acts of 2009, is amended by

(a) adding ", after December 31, 2008, and before January 1, 2014" immediately after "(8)" in the first line;

(b) adding ", and before January 1, 2014" immediately after "2008" in the third line;

(c) adding "and" after the semicolon at the end of clause (d);

(d) striking out "; and" at the end of clause (e) and substituting a period; and

(e) striking out clause (f).

(4) Subsection 36A(5) of Chapter 217, as enacted by Chapter 5 of the Acts of 2009, is amended by striking out "$7,500" in the third line and substituting "$6,250".

(5) Subsection 36A(8) of Chapter 217, as enacted by Chapter 5 of the Acts of 2009, is amended by striking out "$15,000" in the third line and substituting "$12,500".

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