BILL 44

An Act to Amend the Small Business Investor Tax Credit Act

Her Majesty, by and with the advice and consent of the Legislative Assembly of New Brunswick, enacts as follows:

1 Section 6 of the Small Business Investor Tax Credit Act, chapter S-9.05 of the Acts of New Brunswick, 2003, is amended

(a)  by renumbering the section as subsection 6(1);

(b)  by adding after subsection (1) the following:

6(2) An application for registration shall be accompanied by the application fee prescribed by regulation, which is non-refundable.

2 Subsection 7(1) of the Act is amended in the portion preceding paragraph (a) by adding “and upon payment of the application fee referred to in subsection 6(2)” after “subsection (2)”.

3 Paragraph 10(a) of the Act is repealed and the following is substituted:

(a)  the corporation is a private company that meets the requirements prescribed by regulation;

4 Section 14 of the Act is amended

(a)  in subsection (2) by adding “the application fee prescribed by regulation and” before “all additional material”;

(b)  by adding after subsection (3) the following:

14(3.1) The application fee is non-refundable.

(c)  in subsection (4) by striking out “$80,000” and substituting “$250,000”.

5 Paragraph 15(2)(e) of the Act is amended by striking out “$24,000” and substituting “$75,000”.

6 Subsection 39(1) of the Act is amended by adding after paragraph (c) the following:

(c.1)  prescribing fees for the purposes of sections 6 and 14;

CONSEQUENTIAL AMENDMENT

7 Paragraph 50.1(2)(b) of the New Brunswick Income Tax Act, chapter N-6.001 of the Acts of New Brunswick, 2000, is amended by striking out “$24,000” and substituting “$75,000”.

COMMENCEMENT

8 This Act shall be deemed to have come into force on March 17, 2009.