BILL 28 An Act to Amend the Assessment Act

BILL 28

 

An Act to Amend the Assessment Act

 

 

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

1 Subsection 4(1) of the Assessment Act, chapter A-14 of the Revised Statutes, 1973, is amended

 

(a) in paragraph (j) by striking out the period at the end of the paragraph and substituting a semicolon;

(b) by adding after paragraph (j) the following:

(k) real property situated at fishing harbours prescribed by regulation, including land, buildings, water lots and wharfage used for the operation of the fishing harbour, but not including real property, or any portion of real property, that is used for the purposes of processing or manufacturing or that is used for commercial purposes not vital to the operation of the fishing harbour such as hotels, restaurants and service centres.

2 Section 40 of the Act is amended

(a) in subsection (1) by adding after paragraph (e.4) the following:

(e.41) prescribing fishing harbours for the purposes of paragraph 4(1)(k);

(b) in subsection (1.1) by striking out "(1)(e.5)" and substituting "(1)(e.41), (e.5)".

 

3 This Act shall be deemed to have come into force on January 1, 1999.

EXPLANATORY NOTES

Section 1

(a) A punctuation change is made. The amendment is consequential on the amendment made in paragraph 1(b) of this amending Act.

(b) An exemption from taxation is made for fishing harbours prescribed by regulation.

Section 2

(a) Regulation-making authority is added. The amendment is consequential on the amendment made in paragraph 1(b) of this amending Act.

(b) The existing provision is as follows:

40(1.1) A regulation under paragraph (1)(e.5), (e.6) or (e.7) may be retroactive in its operation.

Section 3

Commencement provision.