Acts and Regulations

2016-48 - Financial Corporation Capital Tax Act

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NEW BRUNSWICK
REGULATION 2016-48
under the
Financial Corporation Capital Tax Act
(O.C. 2016-195)
Filed August 11, 2016
1Section 4 of New Brunswick Regulation 87-141 under the Financial Corporation Capital Tax Act is repealed and the following is substituted:
4A financial corporation capital tax return shall be on a form provided by the Minister.
2The Regulation is amended by adding after section 4.1 the following:
4.2(1)The following definitions apply in this section.
“certificate” means a New Brunswick employment tax credit certificate issued under this section.(certificat)
“Chief Executive Officer” means the Chief Executive Officer of Opportunities NB.(directeur général)
“Opportunities NB” means Opportunities New Brunswick established under section 2 of the Opportunities New Brunswick Act.(Opportunités N.-B.)
4.2(2)At any time in a fiscal year and within six months after the close of its fiscal year, an eligible financial corporation may apply to the Chief Executive Officer of Opportunities NB for a New Brunswick employment tax credit certificate for that fiscal year.
4.2(3)An application for a certificate shall be made on a form provided by the Chief Executive Officer and accompanied by the information specified on the form.
4.2(4)The Chief Executive Officer may refuse to accept an application for a certificate if the application is incomplete.
4.2(5)The Chief Executive Officer or any person designated by him or her shall
(a) review the application for a certificate,
(b) determine whether the requirements in the Act and this Regulation have been met, and
(c) determine the number of eligible employees and the amount of their eligible salaries.
4.2(6)If the Chief Executive Officer determines that the requirements in the Act and this Regulation have been met, he or she may
(a) issue a certificate to the eligible financial corporation, and
(b) recommend to the Minister that an employment tax credit be applied against the tax payable by the eligible financial corporation under the Act.
4.2(7)The certificate and the recommendation to the Minister shall indicate the number of eligible employees and the amount of their eligible salaries.
4.2(8)The Chief Executive Officer or the Minister may revoke a certificate if the holder of the certificate does not meet the requirements in the Act and this Regulation.
4.2(9)An eligible financial corporation shall notify the Chief Executive Officer immediately of a change in the number of its eligible employees and their eligible salaries and the Chief Executive Officer shall notify the Minister immediately of the change.
3Form 1 of the Regulation is repealed.
4This Regulation shall be deemed to have come into force on April 1, 2016.