BILL NO. 242
2nd Session, 60th General Assembly
58 Elizabeth II, 2009
Private Member's Bill
Small Business Growth and Opportunities Act
The Honourable Stephen McNeil
First Reading: April 30, 2009
Clause 1 sets out the short title of the Act.
Clause 2 reduces the small corporation tax rate from 5% to 1%.
Clause 3 provides specific authority for a micro-credit small loans program for small businesses.
1 This Act may be cited as the Small Business Growth and Opportunities Act.
2 Subsection 40(2) of Chapter 217 of the Revised Statutes, 1989, the Income Tax Act, as enacted by Chapter 4 of the Acts of 2000, is amended by striking out "5%" in the ninth line and substituting "1%".
3 Section 16 of Chapter 30 of the Acts of 2000, the Nova Scotia Business Incorporated Act, is amended by adding immediately after subsection (7) the following subsection:
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