Bill C-250: An Act to amend the Income Tax Act (small brewery tax credit)

Short Title Income Tax Act First Session, Forty-second Parliament, 64-65 Elizabeth II, 2015-2016 HOUSE OF COMMONS OF CANADA BILL C-250 An Act to amend the Income Tax Act (small brewery tax credit) FIRST READING, MARCH 9, 2016 Mr. Masse 421136 SUMMARY This enactment amends the Income Tax Act to provide a tax credit for taxpayers who brewed, in Canada, less than 15 001 hectolitres of beer and malt liquor in a fiscal year. Available on the Parliament of Canada Web Site at the following address: http://www.parl.gc.ca 1st Session, 42nd Parliament, 64-65 Elizabeth II, 2015-2016 HOUSE OF COMMONS OF CANADA BILL C-250 An Act to amend the Income Tax Act (small brewery tax credit) Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows: Short Title Short title 1 This Act may be cited as the Supporting Small Brewers Act. R.‍S.‍, c.‍1 (5th Supp.‍) Income Tax Act 2 The Income Tax Act is amended by adding the following after section 127.‍3: Small brewery tax credit 127.‍31 There may be deducted from the tax otherwise payable under this Part for a taxation year by a taxpayer who is a licensed brewer under Part III of the Excise Act and who brewed, in Canada, in that fiscal year, less than 15 001 hectolitres of beer and malt liquor, (a) in the case of a brewer who brewed 5 000 hectolitres of beer and malt liquor or less, an amount determined by the formula A × (0.‍1 × B) where A is the quantity, in hectolitres, of beer and malt liquor brewed in that fiscal year, and B is the duty of excise set out in section 1 of Part II of the schedule to the Excise Act; or (b) in the case of a brewer who brewed more than 5 000 hectolitres of beer and malt liquor but less than 15 001 hectolitres of beer and malt liquor, an amount determined by the formula 0.‍1 × [1 - (A - 5 000)/10 000] × B × A where A is the quantity, in hectolitres, of beer and malt liquor brewed in that fiscal year, and B is the duty of excise set out in section 1 of Part II of the schedule to the Excise Act. Published under authority of the Speaker of the House of Commons