Agreed.

Thank you. Mr. Todd are you prepared?

Yes

Thank you. I am informed by our clerk that Mr. Picco will respond to the bill.

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.

Thank you kindly Mr. Picco. We are dealing with Bill 4, An Act to Amend the Income Tax Act. We have the floor open for general comments from the Members. Do we wish to go into it clause by clause at this point?

Clause by clause.

Thank you. Bill 4, An Act to Amend the Income Tax Act. Clause 1. Agreed?

Agreed.

Thank you. Clause 2. Agreed?

Agreed.

Thank you. Clause 3. Agreed?

Agreed.

Thank you. Bill as a whole? Agreed?

Agreed.

Thank you. Does the committee agree that Bill 4 is ready for third reading?

Agreed.

Thank you. Bill 4 is now ready for third reading. I would like at this point to thank Mr. Todd and witnesses for appearing before the Committee. Thank you. Have a good afternoon. We have concluded two bills that the Committee has agreed to deal with at this point. What is the wish of the Committee? Mr. Ootes.

Thank you. There is a motion on the floor to report progress. The motion is not debatable. All

those in favour? All those opposed? The motion is carried. I will rise and report progress to the Speaker. Thank you.

The House will come back to order. Item 21, report of committee of the whole. Mr. Ningark.

Thank you, Mr. Speaker. Mr. Speaker, your committee has been considering Bill 3, Risk Capital Investment Tax Credit Act and Bill 4, An Act to Amend the Income Tax Act and would like to report progress with one motion being adopted and Bill 4 is ready for third reading and that Bill 3 is ready for third reading as amended. Mr. Speaker, I move that the report of the committee of the whole be concurred with. Thank you.

Thank you. Seconded by Mr. Steen. The motion is in order. Question has been called. All those in favour? All those opposed? The motion is carried. Item 21, third reading of bills, item 22, orders of the day. Mr. Clerk.

Mr. Speaker, there will be a meeting of the Western Caucus immediately after adjournment today. At 9:00 a.m. tomorrow the Ordinary Members' Caucus.

Orders of the day for Friday, September 18, 1998:

1. Prayer

2. Ministers' Statements

3. Members' Statements

4. Returns to Oral Questions

5. Recognition of Visitors in the Gallery

6. Oral Questions

7. Written Questions

8. Returns to Written Questions

9. Replies to Opening Address

10. Petitions

11. Reports of Standing and Special Committees

12. Reports of Committees on the Review of Bills

13. Tabling of Documents

14. Notices of Motion

15. Notices of Motions for First Reading of Bills

16. Motions

17. First Reading of Bills

18. Second Reading of Bills

19. Consideration in Committee of the Whole of Bills and Other Matters

- Bill 1, Family Law Reform - Statutes Amendment Act

- Bill 2, Intercountry Adoption (Hague Convention) Act

20. Report of Committee of the Whole

21. Third Reading of Bills

- Bill 3, Risk Capital Investment Tax Credit Act

- Bill 4, An Act to Amend the Income Tax Act

22. Orders of the Day