(as introduced)

1st Session, 63rd General Assembly
Nova Scotia
66 Elizabeth II, 2017

Private Member's Bill

Small Business Tax Protection Act

The Honourable Jamie Baillie
Cumberland South

First Reading: October 3, 2017

(Explanatory Note)

Second Reading:

Third Reading:

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Explanatory Note

This Bill authorizes the Governor in Council to limit, for the purpose of calculating the tax payable under the Nova Scotia Income Tax Act, the application of anticipated changes to the federal Income Tax Act respecting "income sprinkling", the holding of passive investments inside a private corporation and the conversion of income into capital gains. If so limited, the result would be that taxpayers affected by the anticipated changes would not be subject to the changes in relation to the provincial portion of the taxes payable by them

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An Act to Amend Chapter 217
of the Revised Statutes, 1989,
the Income Tax Act,
to Prevent an Increase in Provincial Income Taxes
Payable by Small Businesses
as a Result of a Federal Tax Initiative

Be it enacted by the Governor and Assembly as follows:

1 This Act may be cited as the Small Business Tax Protection Act.

2 (1) Section 3 of Chapter 217 of the Revised Statutes, 1989, the Income Tax Act, as enacted by Chapter 4 of the Acts of 2000, is further amended by adding immediately after subsection (2) the following subsections:

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