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Small Business Growth and Opportunities Act

BILL NO. 242

(as introduced)

2nd Session, 60th General Assembly
Nova Scotia
58 Elizabeth II, 2009

Private Member's Bill

Small Business Growth and Opportunities Act

The Honourable Stephen McNeil

First Reading: April 30, 2009

(Explanatory Notes)

Second Reading:

Third Reading:

Explanatory Notes

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.

An Act to Assist in Economic Growth
and Provide Opportunities
for Small Businesses in Nova Scotia

Be it enacted by the Governor and Assembly as follows:

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:

(8) For greater certainty, the Corporation may create a small loans program to provide financial assistance in amounts not greater than twenty-five thousand dollars on such terms as are prescribed by regulations.

This page and its contents published by the Office of the Legislative Counsel, Nova Scotia House of Assembly, and © 2009 Crown in right of Nova Scotia. Created April 30, 2009. Send comments to