Mr. Speaker I move, second by the honourable Member for Baffin South that Bill 4, An Act to Amend the Income Tax Act, be read for the second time.
This bill permits taxpayers to deduct from tax otherwise payable an amount equal to the tax credits issued under the Risk Capital Investment Tax Credit Act, up to an annual maximum amount of $30,000 less any tax credits that may be deducted under the federal act. The bill also permits unutilized tax credits issued under the Risk Capital Investment Credits Act to be carried back three years and forward seven years and deducted from tax otherwise payable in any of those years. Thank you, Mr. Speaker.