BILL NO. 406

(as introduced)

1st Session, 64th General Assembly
Nova Scotia
2 Charles III, 2024

 

Private Member's Bill

 

Income Tax Act
(amended)

 

Lisa Lachance
Halifax Citadel–Sable Island

First Reading: February 27, 2024

(Explanatory Note)

Second Reading:

Third Reading:

Explanatory Note

This Bill requires the Minister of Finance and Treasury Board to adjust the brackets for individual income tax annually to reflect changes in the Consumer Price Index for Nova Scotia.

An Act to Amend Chapter 217
of the Revised Statutes, 1989,
the Income Tax Act,
Respecting the Indexing of Tax Brackets

Be it enacted by the Governor and Assembly as follows:

1 Chapter 217 of Revised Statutes, 1989, the Income Tax Act, is amended by adding immediately after Section 8A the following Section:

8B (1) Notwithstanding Sections 8 and 8A but subject to subsection (3), the Minister shall adjust the amounts specified in Section 8 for each taxation year after 2023 to reflect any increase in the Consumer Price Index for Nova Scotia, as determined by Statistics Canada, in the previous year.

(2) The Minister shall publish the amounts determined under subsection (1) in the Royal Gazette no later than February 1st of each year.

(3) The money required for the purpose of this Section must be paid out of money appropriated for that purpose by the Legislature.

 

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