Acts and Regulations

2008-9 - Special Payments in Lieu of Taxes

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Revoked on 1 October 2013
NEW BRUNSWICK
REGULATION 2008-9
under the
Electricity Act
(O.C. 2008-29)
Filed January 31, 2008
Under section 149 of the Electricity Act, the Lieutenant-Governor in Council makes the following Regulation:
Repealed: 2013, c.7, s.168
Citation
1This Regulation may be cited as the Special Payments in Lieu of Taxes Regulation - Electricity Act.
Definition of “Act”
2In this Regulation, “Act” means the Electricity Act.
Payments in lieu of federal taxes
3For the purposes of subsection 37(1) of the Act, for the period of October 1, 2004, to March 31, 2005, and for every fiscal year after that period, a special payment in lieu of federal taxes shall be calculated in accordance with the following formula:
special payment = A + B
where
Ais accounting net earnings, before special payments, multiplied by the rate determined by sections 123 and 124 of the Income Tax Act (Canada);
Bis the base for taxable capital as determined by using the rules under the Income Tax Act (Canada) multiplied by the rate specified in section 181.1 of the Income Tax Act (Canada).
Payments in lieu of provincial taxes
4For the purposes of subsection 37(2) of the Act, for the period of October 1, 2004, to March 31, 2005, and for every fiscal year after that period, a special payment in lieu of provincial taxes shall be calculated in accordance with the following formula:
special payment = A + B
where
Ais accounting net earnings, before special payments, multiplied by a rate specified in section 55 of the New Brunswick Income Tax Act;
Bis the base for taxable capital as determined by using the rules under the New Brunswick Income Tax Act multiplied by a rate specified in section 62 of the New Brunswick Income Tax Act.
Remittance of special payments
5For the fiscal period 2005-2006 and after, a Corporation or a subsidiary of a Corporation liable to pay a special payment shall remit the special payment to the Finance Corporation on a quarterly basis.
Transitional provision
6Any special payment made to the Finance Corporation from October 1, 2004, to the date of the filing of this Regulation in the manner prescribed under the Regulations Act shall be deemed to be made in accordance with this Regulation.
Commencement
7This Regulation shall be deemed to have come into force on October 1, 2004.
N.B. This Regulation is consolidated to October 1, 2013.