BILL NO. 1

(as introduced)

3rd Session, 62nd General Assembly
Nova Scotia
65 Elizabeth II, 2016

Private Member's Bill

Tax-free Zone for Small Business Act

The Honourable Jamie Baillie
Cumberland South

First Reading: October 14, 2016

(Explanatory Note)

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

Be it enacted by the Governor and Assembly as follows:

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:

(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:

(3) Subsection 40(7) of Chapter 217, as enacted by Chapter 8 of the Acts of 2011 and amended by Chapter 4 of the Acts of 2012 and Chapter 3 of the Acts of 2013, is further amended by

(a) striking out "and" at the end of clause (d); and

(b) striking out clause (e) and substituting the following clauses:

 

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