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BILL 48

An Act to Amend the New Brunswick Income Tax Act

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

1 Section 14 of the New Brunswick Income Tax Act, chapter N-6.001 of the Acts of New Brunswick, 2000, is amended

ain subsection (3.4) by striking out “For the 2016 taxation year and subsequent taxation years,” and substituting “For the 2016 to 2020 taxation years, inclusive,”;

bby adding after subsection (3.4) the following:

14( 3.5) For the 2021 taxation year and subsequent taxation years, the tax payable under this Part for a taxation year by an individual on the individual’s taxable income or taxable income earned in Canada, as the case may be, referred to in this Division as the “amount taxable”, is the sum of the following:

a9.4% of the portion of the amount taxable that is less than or equal to $43,835;

b14.82% of the amount by which the amount taxable exceeds $43,835 and does not exceed $87,671;

c16.52% of the amount by which the amount taxable exceeds $87,671 and does not exceed $142,534;

d17.84% of the amount by which the amount taxable exceeds $142,534 and does not exceed $162,383; and

e20.3% of the amount by which the amount taxable exceeds $162,383.

2 Section 16.1 of the Act is amended by adding after subsection (1.6) the following:

16.1( 1.7) This section does not apply to subsection 14(3.5) and section 49.1 for the 2021 taxation year.

3 Subsection 49.1(2) of the Act is amended

ain paragraph (a) by striking out “$14,361” and substituting “$17,840”;

bin subparagraph (d)(ii) by striking out “$14,361” and substituting “$17,840”.

4 This Act shall be deemed to have come into force on January 1, 2021.