BILL NO. 4
(as introduced)
2nd Session, 62nd General Assembly
Nova Scotia
63 Elizabeth II, 2014
Tax-free Zone for Small Business Act
Karla MacFarlane
Pictou West
First Reading: September 29, 2014
Second Reading:
Third Reading:
Explanatory Note
This Bill increases the small-business threshold for provincial income tax to $500,000 and reduces the small-business income-tax rate to zero over four years.
An Act to Amend Chapter 217
of the Revised Statutes, 1989,
the Income Tax Act
1 This Act may be cited as the Tax-free Zone for Small Business Act.
2 (1) Subsection 40(4) of Chapter 217 of the Revised Statutes, 1989, the Income Tax Act, as enacted by Chapter 6 of the Acts of 2005 and amended by Chapter 3 of the Acts of 2013, is further amended by
(a) striking out "and" at the end of clause (b); and
(b) striking out clause (c) and substituting the following clauses:
(d) for the first amount, "$500,000" and, for the second amount, "$1,370" for the period commencing on January 1, 2015.
(2) Subsection 40(6) of Chapter 217, as enacted by Chapter 3 of the Acts of 2013, is amended by
(a) striking out "and" at the end of clause (a); and
(b) striking out clause (b) and substituting the following clauses:
(a) striking out "and" at the end of clause (d); and
(b) striking out clause (e) and substituting the following clauses:
(f) 2.25% for the period commencing on January 1, 2015, and ending on December 31, 2015;
(g) 1.5% for the period commencing on January 1, 2016, and ending on December 31, 2016;
(h) 0.75% for the period commencing on January 1, 2017, and ending on December 31, 2017; and
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 December 8, 2016. Send comments to legc.office@novascotia.ca.
