Corporate Income Tax Agency Amendment Act 2026
Passed
Simplified for You
What this bill does
This bill changes how Bermuda's Corporate Income Tax Agency manages its money by creating a savings account (reserve fund) for the agency. It allows the agency to keep some leftover money each year instead of giving it all back to government, and makes small changes to charity tax credit rules.
If Passed (Voted Yes)
The tax agency can build up savings equal to 50% of its annual budget to cover unexpected costs or shortfalls
Any leftover money beyond that 50% limit still goes back to government's general fund
All charities in Bermuda will be treated equally for tax credit purposes, regardless of their size or audit requirements
If Rejected (Voted No)
The tax agency continues operating without a financial cushion, potentially needing emergency funding if costs exceed budget
All surplus money from the agency goes straight back to government each year
Larger charities that file audited financial statements may continue having advantages over smaller charities for tax credits
Who It Affects
This primarily affects the Corporate Income Tax Agency's financial stability and all registered charities in Bermuda that participate in the tax credit system.
Vote counts are not published.
The Bermuda Parliament does not publicly record individual vote counts or how each member voted.
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Related Bill
Corporate Income Tax Agency Amendment Act 2026
Download bill PDF