BILL 10

An Act to Amend the New Brunswick Income Tax Act

His 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

(a)  in subsection (3.5) in the portion preceding paragraph (a) by striking out “For the 2021 taxation year and subsequent taxation years,” and substituting “For the 2021 and 2022 taxation years,”;

(b)  by adding after subsection (3.5) the following:

14( 3.6) For the 2023 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:

(a)  9.4% of the portion of the amount taxable that is less than or equal to $47,715;

(b)   14% of the amount by which the amount taxable exceeds $47,715 and does not exceed $95,431;

(c)   16% of the amount by which the amount taxable exceeds $95,431 and does not exceed $176,756; and

(d)  19.5 % of the amount by which the amount taxable exceeds $176,756.

2 Section 16.1 of the Act is amended by adding after subsection (1.8) the following:

16.1( 1.9) This section does not apply to subsection 14(3.6) for the 2023 taxation year.

3 This Act comes into force or shall be deemed to have come into force on January 1, 2023.