First

Session, 46th General Assembly

Elizabeth II, 2008

BILL 27

AN ACT TO AMEND THE

HEALTH AND POST-SECONDARY

EDUCATION TAX ACT

Received and Read the First Time ...................................................................................................

Second Reading .................................................................................................................................

Committee ............................................................................................................................................

Third Reading .....................................................................................................................................

Royal Assent ......................................................................................................................................

HONOURABLE

THOMAS W. MARSHALL, Q.C.

Minister of Finance and President of Treasury Board

Ordered

to be printed by the Honourable House of Assembly

EXPLANATORY NOTES

This Bill would amend the Health and Post-Secondary Education Tax Act .

Clause 1 of the Bill would amend the

definition of exemption threshold to exempt the first $1,000,000 of an employer's

payroll from a tax under this Act.

Clause 2 of the Bill would bring this

Act into force as of January 1, 2008 .

A BILL

AN ACT TO AMEND THE HEALTH AND

POST-SECONDARY EDUCATION TAX ACT

Analysis

S.3 Amdt.

Imposition of tax

Commencement

Be it enacted by the Lieutenant-Governor and

House of Assembly in Legislative Session convened, as follows:

RSNL1990 cH-1

as amended

1. Paragraph 3(1)(a.1) of the Health and Post-Secondary Education Tax Act is repealed and the

following substituted:

(a.1) "exemption threshold" means

(

i) with respect to remuneration paid that is less

than or equal to $1,000,000, the amount paid, and

(ii) with respect to remuneration paid that is more

than $1,000,000, $1,000,000;

Commencement

2. This Act is considered to have come into force

on January 1,

2008 .

Earl G. Tucker, Queen's Printer