Financial Measures Act Introduced

Finance Minister Graham Steele introduced the Financial Measures Act today, April 15. The act provides the legislative and regulatory authority for measures in the annual provincial budget.

"Our budget this year invests in health care, growing the economy, helping people make ends meet, all while ensuring government lives within its means," said Mr. Steele. "The Financial Measures Act is part of our plan to get the province's finances back to balance."

The act contains amendments to 14 pieces of legislation. For example, it reduces the rate of corporate income tax for small businesses, as announced on budget day, and implements a previously announced move to improve the film tax credit.

Amendments to the Revenue Act improve tobacco enforcement controls by implementing new high-tech stamps to more easily detect and seize counterfeit tobacco products.

The Financial Measures Act also contains amendments to the Motor Carrier Act to support the transfer of the Motor Carrier Inspection Division from the Nova Scotia Utility and Review Board to Transportation and Infrastructure Renewal.

Changes to the Corrections Act, Education Act and Housing Act are associated with changes to municipal-provincial funding arrangements.

"An agreement entered into by the previous government committed the province to assume about $100 million of municipal costs," said Mr. Steele. "Given the province's current financial situation, we have advised municipalities that we are not in a position, for the time being, to accept further uploading."

The Financial Measures Act also includes amendments to eight different acts required to increase most user fees and government charges, as previously announced.