BILL NO. 142

(as introduced)

1st Session, 64th General Assembly
Nova Scotia
71 Elizabeth II, 2022

 

Private Member's Bill

 

Business Recovery Act

 

Fred Tilley
Northside–Westmount

First Reading: April 6, 2022

(Explanatory Note)

Second Reading:

Third Reading:

Explanatory Note

This Bill provides a reduction from 2.5% to zero in the small business deduction rate for two years.

An Act to Amend Chapter 217
of the Revised Statutes, 1989,
the Income Tax Act,
to Provide Temporary Tax Relief

WHEREAS the impact of the COVID-19 pandemic has had significant impacts on small businesses in Nova Scotia;

AND WHEREAS 66% of Nova Scotia businesses are still below pre-pandemic revenues;

AND WHEREAS 81% of Nova Scotia businesses are concerned about rising prices;

AND WHEREAS 67.2% of Nova Scotia businesses took on debt during the pandemic;

AND WHEREAS 15.6% of Nova Scotia businesses are concerned they will never be able to repay their debt;

AND WHEREAS a reduction in taxes would enable small businesses to invest in their business, increase wages for their employees and pay down debt;

THEREFORE be it enacted by the Governor and Assembly as follows:

1 This Act may be cited as the Business Recovery Act.

2 Section 40 of Chapter 217 of the Revised Statutes, 1989, the Income Tax Act, as enacted by Chapter 4 of the Acts of 2000 and amended by Chapter 6 of the Acts of 2005, Chapter 3 of the Acts of 2010, Chapter 8 of the Acts of 2011, Chapter 4 of the Acts of 2012, Chapter 3 of the Acts 2013, Chapter 6 of the Acts of 2017 and Chapter 2 of the Acts of 2020, is further amended by adding immediately after subsection (7) the following subsection:

(8) Notwithstanding clause (7)(f), the rate of tax A is zero for the period commencing April 1, 2022, and ending on March 31, 2024.

 

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