BILL NO. 64
(as introduced)
1st Session, 62nd General Assembly
Nova Scotia
63 Elizabeth II, 2014
Financial Measures (2014) Act
The Honourable Diana C. Whalen
Minister of Finance and Treasury Board
First Reading: April 23, 2014
Second Reading: April 24, 2014
Third Reading: May 1, 2014 (LINK TO BILL AS PASSED)
Explanatory Notes
Clause 1 sets out the short title of the Act.
Clause 2 repeals a provision in the Financial Measures (2012) Act that requires the Minister of Finance to take the necessary steps to lower the provincial portion of the harmonized sales tax from 10% to 9% on July 1, 2014, and from 9% to 8% on July 1, 2015, or on an earlier date in those years if so directed by the Executive Council.
Clause 3 amends the Income Tax Act to eliminate the Post-Secondary Graduate Retention Rebate as of December 31, 2013, and reducing the maximum lifetime deductions to reflect the fact that the credit was only in effect for five years.
An Act Respecting Certain
Financial Measures
1 This Act may be cited as the Financial Measures (2014) Act.
2 Section 3 of Chapter 4 of the Acts of 2012, the Financial Measures (2012) Act, is repealed.
3 (1) Subsection 36A(2) of Chapter 217 of the Revised Statutes, 1989, the Income Tax Act, as enacted by Chapter 5 of the Acts of 2009, is amended by
(a) adding ", after December 31, 2008, and before January 1, 2014" immediately after "(8)" in the first line;
(b) adding ", and before January 1, 2014" immediately after "2008" in the third line;
(c) adding "and" after the semicolon at the end of clause (d);
(d) striking out "; and" at the end of clause (e) and substituting a period; and
(2) Subsection 36A(3) of Chapter 217, as enacted by Chapter 5 of the Acts of 2009, is amended by striking out "$15,000" in the third line and substituting "$12,500".
(3) Subsection 36A(4) of Chapter 217, as enacted by Chapter 5 of the Acts of 2009, is amended by
(a) adding ", after December 31, 2008, and before January 1, 2014" immediately after "(8)" in the first line;
(b) adding ", and before January 1, 2014" immediately after "2008" in the third line;
(c) adding "and" after the semicolon at the end of clause (d);
(d) striking out "; and" at the end of clause (e) and substituting a period; and
(4) Subsection 36A(5) of Chapter 217, as enacted by Chapter 5 of the Acts of 2009, is amended by striking out "$7,500" in the third line and substituting "$6,250".
(5) Subsection 36A(8) of Chapter 217, as enacted by Chapter 5 of the Acts of 2009, is amended by striking out "$15,000" in the third line and substituting "$12,500".
This page and its contents published by the Office of the Legislative Counsel, Nova Scotia House of Assembly, and © 2014 Crown in right of Nova Scotia. Created May 1, 2014. Send comments to legc.office@novascotia.ca.
