Assembly Vote
19th Assembly, 2nd SessionNovember 2, 2020
Motion Sponsor
Bill 16
An Act to Amend the Income Tax Act
Bill Sponsor:
Hon. Caroline Wawzonek
Last Stage Completed:
Law (Assent given) (March 31, 2021)
Topic
Motion Text
Madam Speaker, I move, seconded by the honourable Member from Hay River North, that Bill 16, An Act to Amend the Income Tax Act, be read for the second time. The bill reduces the small business tax rate from 4 percent to 2 percent effective January 1, 2020. It also makes retroactive amendments to harmonize the Northwest Territories tax regime with the federal system. Those amendments do two things: ensure that split income received by a senior is factored into the determination of their Territorial Age Credit; and allow more pension credit for veterans. Thank you, Madam Speaker.