Legislation to Set Up Health Investment Fund Introduced

Nova Scotia's finance minister has introduced legislation setting up the $600-million Health Investment Fund.

The legislation, the Financial Measures (1999) Act, includes criteria for investments by the fund, provisions for reporting to the public on uses of the money, and a requirement that the fund be repaid no later than 2012-13.

"These measures establish what the investment fund will be used for," said Finance Minister Don Downe. "It provides for strict accountability to the public on an annual basis, and a regimented repayment schedule for the fund."

The legislation requires the auditor general to audit the fund and establishes an annual requirement for full public reporting on the fund's expenditures and their impact.

It includes other budget measures, including the establishment of a new multimedia tax credit, changing the Direct Assistance Program to an HST credit, and the creation of Enterprise Zones to help encourage business growth outside the Halifax municipal area. The act also moves the fee schedule under the probate court system into legislation from regulations.