The Nova Scotia Legislature

The House resumed on:
September 21, 2017.

Bill No. 174

Financial Measures (2016) Act

An Act Respecting Certain Financial Measures

Introduced by:
Honourable Randy Delorey
Minister of Finance and Treasury Board

First Reading
Second Reading Debates
Second Reading Passed
Law Amendments Committee
    Meeting Date(s) May 16, 2016; May 17, 2016
    Reported to the House
Committee of the Whole House
Third Reading Debates
Third Reading
Royal Assent
Commencement May 20, 2016 except S5 has effect on and after January 1, 2015; S6 has effect on and after January 1, 2016; and S 16 has effect on and after April 20, 2016.
2016 Statutes, Chapter 2

Explanatory Note

Clause 1 sets out the short title of the Act.
Clause 2 repeals a redundant provision of the Income Tax Act.
Clause 3 provides for the taxation of testamentary trusts with the exception of an estate trust for three years and certain disability trusts.
Clause 4 repeals redundant provisions of the Act.
Clause 5
(a) provides for the maximum aggregate amount of the capital investment tax credit that may be claimed;
(b) provides that the Minister of Finance and Treasury Board may revoke a tax-credit certificate if the project in respect of which the certificate was issued ceases to be an approved project; and
(c) authorizes the Minister to make regulations prescribing the aggregate amount of tax credits that may be claimed in respect of an approved project and respecting the manner in which the prescribed amount will apply.
Clause 6 provides a food bank tax credit for farmers.
Clause 7 sets out circumstances where the Minister of Finance and Treasury Board must not issue a tax-credit certificate.
Clauses 8 and 9
(a) authorize the Governor in Council to confirm, vary or reject the recommendations of the tribunal under the Provincial Court Act; and
(b) require the Governor in Council to provide reasons to the tribunal and the Nova Scotia Provincial Judges’ Association on varying or rejecting recommendations made by the tribunal.
Clause 10 repeals a subsection stating that a tribunal’s report is final and binding.
Clauses 11 to 13 clarify that tribunal recommendations regarding changes to judge’s pension plans and benefits are effective upon being confirmed or varied by the Governor in Council.
Clause 14 aligns required pension benefits contributions to the tribunal recommendations confirmed or varied by the Governor in Council.
Clause 15 provides that each director of the Board of Directors of the Public Service Superannuation Plan Trustee Incorporated appointed at the discretion of the Minister of Finance and Treasury Board has one vote at meetings of the Board of Directors.
Clause 16 increases the taxes on tobacco.
Clauses 17 to 19 modify the regulation-making powers under the Shared Services Act.
Clause 20 sets out effective dates for some provisions of this Act.