Bill 232 2009

An Act to amend the Taxation Act, 2007 with respect to income tax exemptions for artists

Note: This Act amends the Taxation Act, 2007.  For the legislative history of the Act, see the Table of Consolidated Public Statutes – Detailed Legislative History at www.e-Laws.gov.on.ca.

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

   1.  The Taxation Act, 2007 is amended by adding the following section:

   172.1  The Lieutenant Governor in Council may make regulations with respect to artists' incomes,

  (a)  setting deductibles and limits; and

  (b)  providing for the rules of eligibility and methods of claiming,

           (i)  income averaging over a prescribed number of years,

          (ii)  income tax exemptions for grants received from a recognized arts granting agency, and

         (iii)  income tax exemptions for royalties on a copyright, including neighbouring rights.

Commencement

   2.  This Act comes into force six months after the day it receives Royal Assent.

Short title

   3.  The short title of this Act is the Taxation Amendment Act (Exemptions for Artists), 2009.

EXPLANATORY NOTE

The Bill amends the Taxation Act, 2007 to give the Lieutenant Governor in Council the power to create regulations providing for income averaging for artists over a specified number of years and providing for income tax exemptions for artists receiving income from specific grants or royalties.  The Bill also gives the Lieutenant Governor in Council the power to set deductibles and limits, and set out the rules of eligibility and methods of claiming the tax exemptions.