BILL NO. 297
(as introduced)
1st Session, 64th General Assembly
Nova Scotia
1 Charles III, 2023
Private Member's Bill
Clean Electricity and Technology Tax Credit Act
The Honourable Iain Rankin
Timberlea–Prospect
First Reading: April 4, 2023
Second Reading:
Third Reading:
Explanatory Notes
Clause 1 provides a short title for the Act.
Clause 2 establishes an investment tax credit for clean electricity and clean technology.
An Act to Amend Chapter 217
of the Revised Statutes, 1989,
the Income Tax Act,
to Provide Investment Tax Credits
for Clean Electricity and Technology
1 This Act may be cited as the Clean Electricity and Technology Tax Credit Act.
2 Chapter 217 of the Revised Statutes, 1989, the Income Tax Act, is amended by adding immediately after Section 11 the following Section:
- 11A (1) In this Section,
(a) "clean electricity" means electricity produced by a non-emitting electrical generation system that uses wind, solar, hydro, waves or tides to produce energy;
(b) "clean technology" means new machinery and equipment used to extract, process or recycle critical minerals;
(c) "critical minerals" means mineral resources that are essential to the economy and whose supply may be disrupted.
(2) Subject to subsection (4), for the purpose of computing the tax payable under this Part for a taxation year by an individual who has invested in clean electricity or clean technology there may be deducted an amount determined by the formula
B is the total of all amounts paid by the individual to invest in clean electricity or clean technology.
(3) The Governor in Council may make regulations
(a) defining any word or expression used but not defined in this Section;
(b) further defining any word or expression defined in this Section;
(c) respecting any matter or thing the Governor in Council considers necessary or advisable to effectively carry out the intent and purpose of this Section.
(4) The money required for the purpose of this Section must be paid out of money appropriated for that purpose by the Legislature.
This page and its contents published by the Office of the Legislative Counsel, Nova Scotia House of Assembly, and © 2023 Crown in right of Nova Scotia. Created April 4, 2023. Send comments to legc.office@novascotia.ca.
