BILL 52

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 Section 40 of the Assessment Act, chapter A-14 of the Revised Statutes, 1973, is amended by adding after subsection (1.1) the following:

40(1.2) A regulation under paragraph (1)(e.3) may be retroactive in its operation to January 1, 2000, or to any date after January 1, 2000.

EXPLANATORY NOTES

Section 1

A regulation prescribing assessment rate schedules for real property defined in paragraphs (b.2) and (b.3) of the definition "real property" in section 1 of the Assessment Act may be made retroactive in accordance with the new subsection 40(1.2). Paragraphs (b.2) and (b.3) of the definition are as follows:

"real property" means

(b.2) all installations, machinery, equipment, apparatus, structures, pipes or pipe lines forming part of a gas holding, storage, transportation, transmission or distribution system,

(b.3) any oil pipeline,