Income Tax Act (amended)
BILL NO. 49
4th Session, 61st General Assembly
61 Elizabeth II, 2012
Private Member's Bill
Income Tax Act
Harold (Junior) Theriault
First Reading: April 25, 2012
This Bill implements a senior independent living tax credit for costs associated with the installation and maintenance of a life or medical alert system.
Be it enacted by the Governor and Assembly as follows:
1 Chapter 217 of the Revised Statutes, 1989, the Income Tax Act, is amended by adding immediately after Section 12B the following Section:
12C (1) Subject to subsection (4), for the purpose of computing the tax payable under this Part for a taxation year by an individual there may be deducted in respect of an individual who has attained the age of sixty years before the end of the year an amount determined by the formula
A x B
A is the appropriate percentage for the year;
B is the lesser of
(a) $500; and
(b) the total of all amounts paid by the individual for the installation of eligible life or medical alert systems in their residences.
(2) The Governor in Council may make regulations designating eligible life and medical alert system providers for the purpose of this Section.
(3) The Governor in Council may make regulations outlining the definition of residences.
(4) The Governor in Council may make regulations with respect to the retroactive applicability of the senior independent living tax credit for costs which have occurred prior to the coming into force of this Section.
2 The sums required for the purpose of this Act shall be paid out of moneys appropriated for that purpose by the Legislature.
3 This Act comes into force on such day as the Governor in Council orders and declares by proclamation.
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