BILL 27

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1 Subsection 16.1(1) of the New Brunswick Income Tax Act, chapter N-6.001 of the Acts of New Brunswick, 2000, is repealed and the following is substituted:

16.1( 1) In this section, “relevant provision” means section 14, 17, 18, 19, 20, 21, 23, 26, 27 or 49.1 or any provision of a regulation made under paragraph 124(1)(c.001).

2 The Act is amended by adding after section 36 the following:

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36.1 If an amount is deducted under section 118.06 or section 118.07 of the Federal Act in computing the tax payable for a taxation year under that Act by an individual who was resident in New Brunswick on the last day of the taxation year, the individual may claim the amount of $5,000 for that taxation year.

3 Section 38 of the Act is amended by striking out “sections 26, 25, 31,” and substituting “sections 26, 25, 31, 36.1,”.

4 Section 52 of the Act is amended

(a)  in subsection (1) in the portion preceding paragraph (a) by striking out “An overpayment of $300” and substituting “An overpayment of the prescribed amount”;

(b)  by repealing subsection (1.1).

5 Subsection 124(1) of the Act is amended by adding after paragraph (c) the following:

(c.001)  prescribing the amount for the purposes of subsection 52(1);

Commencement

6( 1) Sections 1, 4 and 5 of this Act come into force on January 1, 2025.

6( 2) Sections 2 and 3 of this Act shall be deemed to have come into force on January 1, 2024.