BILL NO. 259

(as introduced)

1st Session, 64th General Assembly
Nova Scotia
1 Charles III, 2023

 

Private Member's Bill

 

Income Tax Act
(amended)

 

The Honourable Brendan Maguire
Halifax Atlantic

First Reading: March 21, 2023

(Explanatory Note)

Second Reading:

Third Reading:

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

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 2022 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.