Bill 20, An Act to Amend the Income Tax Act, No. 2

Question has been called. All those in favour? All those opposed? The motion is carried.

---Carried

Bill 20 has had third reading. Mr. Clerk, orders of the day.

Thank you, Minister Roland. The motion is on the floor. The motion is in order. To the motion.

Thank you, Mr. Chairman. Mr. Speaker, I move, seconded by the honourable Member for Mackenzie Delta, that Bill 20, An Act to Amend the Income Tax Act, No. 2, be read for the third time. Thank you, Mr. Speaker.

Question has been called. All those in favour? All those opposed? The motion is carried.

---Carried

Bill 20 has had second reading and, therefore, stands to a committee. Second reading of bills. Consideration in Committee of the Whole of bills and other matters: Bill 18, committee reports 5, 6 and 7, with Mrs. Groenewegen in the chair.

Thank you, Mr. Braden. To the principle of the bill.

Mr. Speaker, I am going to speak in favour of the bill. The need to keep current and competitive with tax changes in other jurisdictions in Canada is a bit of a challenge. In some areas, it can have its share of risk, as well. Was it two years ago that we changed our corporate tax rate upwards? This bill is going to reduce it now, again, as we are keeping pace with the changes in other parts of Canada.

One of the things that we will be looking into as this bill moves into committee is the potential consequence to the NWT in making these changes. While I am speaking in favour of the principle of the bill, Mr. Speaker, there may be other consequences or concerns that will be brought back to the Assembly and into the further debate about this bill. Thank you.

Thank you, Mr. Roland. The motion is in order. To the principle of the bill. The honourable Member for Great Slave, Mr. Braden.

Thank you, Mr. Speaker. I move, seconded by the honourable Member for Weledeh, that Bill 20, An Act to Amend the Income Tax Act, No. 2, be read for the second time. Mr. Speaker, this bill decreases the general corporate tax income tax rate effective July 1, 2006. Thank you.

Question's being called. All those in favour? All those opposed? Motion is carried.

---Carried

Bill 20 has had first reading. First reading of bills. Second reading of bills. Consideration in Committee of the Whole of bills and other matters: Bill 18, committee reports 5, 6 and 7, with Mrs. Groenewegen in the chair.

Thank you, Mr. Roland. Motion's on the floor. Motion's in order.

Thank you, Mr. Speaker. I move, seconded by the honourable Member for Weledeh, that Bill 20, An Act to Amend the Income Tax Act, No. 2, be read for the first time. Thank you, Mr. Speaker.