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This enactment amends the Income Tax Act to give every new graduate who settles in a designated region a tax credit equal to
(a) the lesser of 40% of the individual's salary or wages;
(b) $3,000; and
(c) the amount by which $8,000 exceeds all amounts paid to the Receiver General.
The purpose of this measure is to encourage new graduates to settle in designated regions, thereby curbing the exodus of young people from those regions and promoting their economic development.
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