Thank you, Mr. Chairman. I would like to give at this time the Infrastructure Committee's comments to the Committee of the Whole on Bill 4, An Act to Amend the Income Tax Act. The Standing Committee on Infrastructure reviewed Bill 4, An Act to Amend the Income Tax Act, on August 27, 1998. The Committee would like to thank the Minister of Finance and his officials for presenting the bill. Bill 4 is a consequential bill arising from Bill 3, the Risk Capital Investment Tax Credit Act.
This bill permits taxpayers to deduct from their...Mr. Chairman, there are too many sidebar conversations. This bill permits taxpayers to deduct from their income tax an amount equal to the tax credits issued under Bill 3, up to $30,000, less any tax credits that may be deducted under the federal act. Bill 4 also permits unused tax credits issued under Bill 3 to be carried back three years and forward seven years and deducted from tax payable in any of those years.
Now after reviewing this bill Mr. Chairman, the Committee Members really did not have specific concerns with Bill 4, because as we said earlier it was a consequential bill, running after Bill 3.
Mr. Chairman, following the Committee's review, a motion was carried in the Committee to report Bill 4, an Act to Amend the Income Tax Act to the Assembly as ready for the committee of the whole. Additional comments or questions of Members may be posed as we proceed with the review of the bill later this afternoon. Thank you, Mr. Chairman.