BILL 53

An Act to Amend the Tuition Tax Cash Back Credit Act

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

1 Section 2 of the Tuition Tax Cash Back Credit Act, chapter T-16.5 of the Acts of New Brunswick, 2006, is repealed and the following is substituted:

Application of Act

2 This Act applies to the 2006 taxation year up to and including the 2014 taxation year.

2 Subsection 3(7) of the Act is repealed and the following is substituted:

3( 7) Despite any other provision in this section, no application for a tax credit shall be made on or after January 1, 2016.

3 Paragraph 4(5)(b) of the Act is repealed and the following is substituted:

(b)  on or after January 1, 2016.

SAVING AND TRANSITIONAL PROVISIONS, CONSEQUENTIAL AMENDMENTS, REPEAL AND COMMMENCEMENT

Saving and transitional provision

4 Despite sections 7 and 8 of this Act, the Tuition Tax Cash Back Credit Act, New Brunswick Regulation 2007-20 under the Tuition Tax Cash Back Credit Act and section 30.1 of the New Brunswick Income Tax Act, as they existed immediately before January 1, 2016, continue to apply on or after January 1, 2016, with respect to the following as if they had not been repealed:

(a)  an application for a tax credit made on or before December 31, 2015; and

(b)  a tax credit to which an eligible individual is or may be entitled to under that Act, regulation or section immediately before January 1, 2016.

Regulation under the Tuition Tax Cash Back Credit Act

5 Subsection 3(2) of New Brunswick Regulation 2007-20 under the Tuition Tax Cash Back Credit Act is repealed and the following is substituted:

3( 2) An application for a tax credit for any taxation year after the 2006 taxation year up to and including the 2014 taxation year shall be made in the calendar year following the particular taxation year.

New Brunswick Income Tax Act

6 Section 30.1 of the New Brunswick Income Tax Act, chapter N-6.001 of the Acts of New Brunswick, 2000, is amended

(a)  by repealing subsection (2) and substituting the following:

30.1( 2) This section applies to the 2006 taxation year up to and including the 2014 taxation year.

(b)  by repealing paragraph (7)(b) and substituting the following:

(b)  on or after January 1, 2016.

Repeal

7( 1) The Tuition Tax Cash Back Credit Act, chapter T-16.5 of the Acts of New Brunswick, 2006, is repealed.

7( 2) New Brunswick Regulation 2007-20 under the Tuition Tax Cash Back Credit Act is repealed.

7( 3) Section 30.1 of the New Brunswick Income Tax Act, chapter N-6.001 of the Acts of New Brunswick, 2000, is repealed.

Commencement

8 Section 7 of this Act comes into force on January 1, 2016.