BILL NO. 409

(as introduced)

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

 

Private Member's Bill

 

Income Tax Act
(amended)

 

Fred Tilley
Northside–Westmount

First Reading: February 27, 2024

(Explanatory Note)

Second Reading:

Third Reading:

Explanatory Note

This Bill indexes the income tax brackets to the Consumer Price Index.

An Act to Amend Chapter 217
of the Revised Statutes, 1989,
the Income Tax Act,
to Reduce Income Tax

Be it enacted by the Governor and Assembly as follows:

1 Section 8 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 4 of the Acts of 2003, Chapter 3 of the Acts of 2004 and Chapter 3 of the Acts of 2010, is further amended by

(a) adding "(1)" immediately after the Section number; and

(b) adding the following subsection:

(2) Notwithstanding subsection (1), the tax payable pursuant to that subsection is adjusted for each taxation year after 2023 by increasing each of the dollar amounts referred to in that subsection by the increase in the Consumer Price Index for Canada in each of those taxation years over the Consumer Price Index for Canada in the immediately preceding taxation year.

 

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