Acts and Regulations

2014-79 - Small Business Investor Tax Credit Act

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NEW BRUNSWICK
REGULATION 2014-79
under the
Small Business Investor Tax Credit Act
(O.C. 2014-240)
Filed July 8, 2014
1Section 4 of New Brunswick Regulation 2003-39 under the Small Business Investor Tax Credit Act is repealed and the following is substituted:
Wages and salaries
4(1)For the purposes of section 9 of the Act, a corporation registered under the Act shall pay at least 75% of its wages and salaries to individuals who are residents of New Brunswick.
4(2)Despite subsection (1), if at least 50% of a corporation’s total revenue is derived from the sale of its goods and services outside New Brunswick, the corporation shall pay at least 50% of its wages and salaries to individuals who are residents of New Brunswick.
2Section 7 of the Regulation is repealed and the following is substituted:
Minimum investment
7(1)For the purposes of subparagraph 11(d)(ii) of the Act, the minimum amount to be invested by each eligible investor is $1,000.
7(2)Despite subsection (1), if an eligible investor is a corporation or a trust, the minimum amount to be invested by the eligible investor is $50,000.
3Section 10 of the Regulation is amended
(a) in subsection (1) by striking out “subsection 14(1)” and substituting “subsection 14(1) or (1.1)”;
(b) in subsection (2) by striking out “subsection 14(1)” and substituting “subsection 14(1) or (1.1)”.
4Section 12 of the Regulation is repealed and the following is substituted:
Annual return
12For the purposes of subsection 24(1) of the Act, a corporation registered under the Act shall file an annual return within 90 days after the end of its fiscal year.
5This Regulation shall be deemed to have come into force on January 1, 2014.