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The Right Choices for Equity in Education Act (Budget Measures), 2003, S.O. 2003, c. 5 - Bill 53
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chapter 5
An Act respecting the
equity in education tax credit
Assented to June 26, 2003
Her Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows:
1. Subsection 8.4.2 (3) of the Income Tax Act, as enacted by the Statutes of Ontario, 2001, chapter 8, section 41 and amended by 2002, chapter 22, section 109, is repealed and the following substituted:
Appropriate percentage
(3) For the purposes of “A” in subsection (2), the following is the appropriate percentage for the taxation year indicated:
1. For a taxation year that commences after December 31, 2001 and ends before January 1, 2003, 10 per cent.
2. For a taxation year that commences after December 31, 2002 and ends before January 1, 2004, 20 per cent.
3. For a taxation year that commences after December 31, 2003 and ends before January 1, 2005, 30 per cent.
4. For a taxation year that commences after December 31, 2004 and ends before January 1, 2006, 40 per cent.
5. For a taxation year that commences after December 31, 2005, 50 per cent.
Commencement
2. This Act comes into force on the day it receives Royal Assent.
Short title
3. The short title of this Act is The Right Choices for Equity in Education Act (Budget Measures), 2003.