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Legislative Assembly of New Brunswick
Status of Legislation - First Reading Bill
+++ An Act to Amend the Income Tax Act +
 
Legislature :
55
Session :
1
Bill No. :
76
Member :
Mr. S. Graham
First Reading :
2004-6-24
Second Reading :
Committee of the Whole :
Amended :
Third Reading :
Royal Assent :
Download PDF :
  Bill 76         
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Text of Bill :
Her Majesty, by and with the advice and consent of the Legislative Assembly of New Brunswick, enacts as follows:



1                           The Income Tax Act, chapter I-2 of the Revised Statutes, 1973, is amended by adding after section 2.5 the following:



2.6(1)             For the purposes of this section



"individual" means a natural person and, notwithstanding subsection 56(1), does not include a trust or estate;



"smoking-cessation product" means any smoking-cessation product approved by Health Canada;



"tax otherwise payable" means the amount of provincial tax payable under this Act, after the inclusion of any provincial tax credits, by the individual before the application of this section.



2.6(2)             There may be deducted from the tax otherwise payable under this Act by an individual for a taxation year an amount determined by the formula



(AB) C



where



A is the amount of tax otherwise payable;



B is the individual's taxable income; and



C is the lesser of



(a)               the amount used by the individual to purchase smoking-cessation products for his or her personal use; or



(b)               $250.

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Legend
* Private Bill
** Bill referred to Standing Committee on Law Amendments
+ Private Member's Public Bill
++ Motion for second reading defeated
+++ Debate at second reading adjourned
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