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  British Columbia Budget 2002 -- February 19, 2002 -- Ministry of Finance  

BUDGET LEGISLATION SUMMARIES

TITLE OF BILL:

Bill 2 Budget Measures Implementation Act, 2002

SPONSORING MINISTER:

Honourable Gary Collins
Minister of Finance

PURPOSE:

This bill amends nine statutes to implement non-tax initiatives announced in the 2002 provincial budget reports: Emergency Program Act, the Financial Administration Act, the Fisheries Renewal Act, the Forest Renewal Act, the Grazing Enhancement Fund Special Account Act, the Industrial Development Incentive Act, the Natural Resource Community Fund Act, the Science and Technology Fund Act and the Small Business Development Act.

SUMMARY OF MAIN PROVISIONS:

Emergency Program Act

Financial Administration Act

Fisheries Renewal Act

Forest Renewal Act

Grazing Enhancement Fund Special Account Act

Industrial Development Incentive Act

Natural Resource Community Fund Act

Science and Technology Fund Act

Small Business Development Act

TITLE OF BILL:

Bill 3 Taxation Statutes Amendment Act, 2002

SPONSORING MINISTER:

Honourable Gary Collins
Minister of Finance

PURPOSE:

This bill amends four taxation statutes to implement tax initiatives announced in the 2002 provincial budget reports: the Income Tax Act, the Motor Fuel Tax Act, the Social Service Tax Act, and the Tobacco Tax Act. The bill also amends tax or royalty-related sections in three other statutes: the Home Owner Grant Act, the Petroleum and Natural Gas Act and the School Act for taxation purposes.

SUMMARY OF MAIN PROVISIONS:

Home Owner Grant Act

The Home Owner Grant for persons with disabilities, introduced in 1981, provides an additional $275 annually (on top of the basic home owner grant) to homeowners with a permanent disability or who are living with a person with a permanent disability. The intent of the additional grant is to provide financial relief to persons who, due to a loss of mobility, are required to make costly modifications to their home or to pay for physical assistance to allow them to live independently:

Income Tax Act

Motor Fuel Tax Act

Petroleum and Natural Gas Act

School Act

Social Service Tax Act

Tobacco Tax Act

TITLE OF BILL:

Bill 4 Corporation Capital Tax Amendment Act, 2002

SPONSORING MINISTER:

Honourable Gary Collins
Minister of Finance

PURPOSE:

This bill amends the Corporation Capital Tax Act to implement tax initiatives announced in the 2002 provincial budget reports.

SUMMARY OF MAIN PROVISIONS:

Corporation Capital Tax Act

BUDGET LEGISLATION SUMMARIES

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