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An Act to Comply with the Request of The City of Saint John on Taxation of the LNG Terminal

Legislature :
55
Session :
2
Bill No. :
70
Member :
Hon. Fowlie
First Reading :
2005-6-8
Second Reading :
2005-6-10
Committee of the Whole :
2005-6-22
2005-6-29
2005-6-30
Amended :
Third Reading :
2005-6-30
Royal Assent :
2005-6-30
Download PDF :
Bill 70

Text of Bill :
Chapter Outline



Definitions......................................................................................................................................... 1

LNG terminal — terminal de GNL

municipal rate — taux municipal

municipal tax — impôt municipal

Municipal tax...................................................................................................................................... 2

Assessment......................................................................................................................................... 3

Adjustment......................................................................................................................................... 4

Referrals and appeals under the Assessment Act............................................................................ 5

Application of other Acts.................................................................................................................. 6

Regulations......................................................................................................................................... 7

CONSEQUENTIAL AMENDMENTS

Assessment Act.................................................................................................................................. 8

Real Property Tax Act...................................................................................................................... 9

COMMENCEMENT

Commencement............................................................................................................................... 10





Her Majesty, by and with the advice and consent of the Legislative Assembly of New Brunswick, enacts as follows:



Definitions

1                           The following definitions apply in this Act.



"LNG terminal" means the marine terminal for the receiving and containment of liquefied natural gas that is described in the regulations. (terminal de GNL)



"municipal rate" means the rate of tax fixed under section 87 of the Municipalities Act for the purposes of the Real Property Tax Act. (taux municipal)



"municipal tax" means the tax imposed under paragraph 5(2)(a) of the Real Property Tax Act. (impôt municipal)



Municipal tax

2(1)                   Notwithstanding the Real Property Tax Act, the Assessment Act and the Municipalities Act, the amount of the municipal tax payable in respect of the LNG terminal is $500,000 per year.



2(2)                   Subsection (1) applies for 25 consecutive years commencing in the year prescribed by regulation.



Assessment

3(1)                   Notwithstanding the Assessment Act, the LNG terminal shall be assessed for any year referred to in subsection 2(2) at a value that will realize $500,000 as the amount of municipal tax for that year.



3(2)                   Notwithstanding subsection (1), the tax imposed on the LNG terminal under subsection 5(2.01) of the Real Property Tax Act shall be calculated for any year referred to in subsection 2(2) on the real and true value of the terminal for that year.



Adjustment

4                           If the municipal rate for a particular year is different than the municipal rate for the previous year, the Minister of Finance shall adjust the payments made under paragraph 6(b) of the Municipal Assistance Act so that, in respect of the LNG terminal, the amount payable to The City of Saint John under that paragraph for the particular year is $500,000.



Referrals and appeals under the Assessment Act

5                           Sections 25, 27, 28 and 37 of the Assessment Act do not apply to the amount of the assessment on the LNG terminal determined under subsection 3(1).



Application of other Acts

6                           Unless this Act provides otherwise, the Assessment Act, the Real Property Tax Act and the Municipalities Act apply to the assessment and taxation of the LNG terminal.



Regulations

7(1)                   The Lieutenant-Governor in Council may make regulations



(a)               describing the LNG terminal for the purposes of this Act;



(b)               prescribing the year for the purposes of subsection 2(2).



7(2)                   A regulation under subsection (1) may be retroactive in its operation.



CONSEQUENTIAL AMENDMENTS

Assessment Act

8                           Section 15 of the Assessment Act, chapter A-14 of the Revised Statutes, 1973, is amended by adding "and to subsection 3(1) of An Act to Comply with the Request of The City of Saint John on Taxation of the LNG Terminal" after "17.1".



Real Property Tax Act

9(1)                   Section 23 of the Real Property Tax Act, chapter R-2 of the Revised Statutes, 1973, is amended



(a)               by renumbering the section as subsection 23(1);



(b)               by adding after subsection (1) the following:



23(2)               Subsection (1) does not apply in respect of the LNG terminal referred to in An Act to Comply with the Request of The City of Saint John on Taxation of the LNG Terminal.



9(2)                   Section 25 of the Act is amended by striking out "section 8, subsection 20(2) or (4) or 20.1(2) or (4) or section 23" and substituting "section 8 or subsection 20(2) or (4), 20.1(2) or (4) or 23(1)".



COMMENCEMENT

Commencement

10                        This Act or any provision of it comes into force on a day or days to be fixed by proclamation.

 

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