Thank you. Let the record show that Bill 3 is now ready for third reading as amended. Thank you Mr. Todd and witnesses. With the committee's agreement, Mr. Todd will be doing the review on Bill 4, shall Mr. Todd and the witnesses remain seated?
Debates of Sept. 17th, 1998
This is page numbers 57 - 80 of the Hansard for the 13th Assembly, 6th Session. The original version can be accessed on the Legislative Assembly's website or by contacting the Legislative Assembly Library. The word of the day was tax.
Topics
Committee Motion 1-13(6): Motion To Amend Subclause 21(3)(a) And (b) Of Bill 3: Risk Capital Investment Tax Credit Act
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 79
The Chair John Ningark
Committee Motion 1-13(6): Motion To Amend Subclause 21(3)(a) And (b) Of Bill 3: Risk Capital Investment Tax Credit Act
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 79
Some Hon. Members
Agreed.
Committee Motion 1-13(6): Motion To Amend Subclause 21(3)(a) And (b) Of Bill 3: Risk Capital Investment Tax Credit Act
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 79
The Chair John Ningark
Thank you. Mr. Todd are you prepared?
Committee Motion 1-13(6): Motion To Amend Subclause 21(3)(a) And (b) Of Bill 3: Risk Capital Investment Tax Credit Act
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 79
John Todd Keewatin Central
Yes
Committee Motion 1-13(6): Motion To Amend Subclause 21(3)(a) And (b) Of Bill 3: Risk Capital Investment Tax Credit Act
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 79
The Chair John Ningark
Thank you. I am informed by our clerk that Mr. Picco will respond to the bill.
Committee Motion 1-13(6): Motion To Amend Subclause 21(3)(a) And (b) Of Bill 3: Risk Capital Investment Tax Credit Act
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 79
Edward Picco Iqaluit
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.
Committee Motion 1-13(6): Motion To Amend Subclause 21(3)(a) And (b) Of Bill 3: Risk Capital Investment Tax Credit Act
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 79
The Chair John Ningark
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?
Committee Motion 1-13(6): Motion To Amend Subclause 21(3)(a) And (b) Of Bill 3: Risk Capital Investment Tax Credit Act
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 79
Some Hon. Members
Clause by clause.
Committee Motion 1-13(6): Motion To Amend Subclause 21(3)(a) And (b) Of Bill 3: Risk Capital Investment Tax Credit Act
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 79
The Chair John Ningark
Thank you. Bill 4, An Act to Amend the Income Tax Act. Clause 1. Agreed?
Committee Motion 1-13(6): Motion To Amend Subclause 21(3)(a) And (b) Of Bill 3: Risk Capital Investment Tax Credit Act
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 79
Some Hon. Members
Agreed.
Committee Motion 1-13(6): Motion To Amend Subclause 21(3)(a) And (b) Of Bill 3: Risk Capital Investment Tax Credit Act
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 79
The Chair John Ningark
Thank you. Clause 2. Agreed?
Committee Motion 1-13(6): Motion To Amend Subclause 21(3)(a) And (b) Of Bill 3: Risk Capital Investment Tax Credit Act
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 79
Some Hon. Members
Agreed.
Committee Motion 1-13(6): Motion To Amend Subclause 21(3)(a) And (b) Of Bill 3: Risk Capital Investment Tax Credit Act
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 79
The Chair John Ningark
Thank you. Clause 3. Agreed?
Committee Motion 1-13(6): Motion To Amend Subclause 21(3)(a) And (b) Of Bill 3: Risk Capital Investment Tax Credit Act
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 79
Some Hon. Members
Agreed.
Committee Motion 1-13(6): Motion To Amend Subclause 21(3)(a) And (b) Of Bill 3: Risk Capital Investment Tax Credit Act
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 79
The Chair John Ningark
Thank you. Bill as a whole? Agreed?
Committee Motion 1-13(6): Motion To Amend Subclause 21(3)(a) And (b) Of Bill 3: Risk Capital Investment Tax Credit Act
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 79
Some Hon. Members
Agreed.
Committee Motion 1-13(6): Motion To Amend Subclause 21(3)(a) And (b) Of Bill 3: Risk Capital Investment Tax Credit Act
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 79
The Chair John Ningark
Thank you. Does the committee agree that Bill 4 is ready for third reading?
Committee Motion 1-13(6): Motion To Amend Subclause 21(3)(a) And (b) Of Bill 3: Risk Capital Investment Tax Credit Act
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 79
Some Hon. Members
Agreed.
Committee Motion 1-13(6): Motion To Amend Subclause 21(3)(a) And (b) Of Bill 3: Risk Capital Investment Tax Credit Act
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 79
The Chair John Ningark
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.
Committee Motion 1-13(6): Motion To Amend Subclause 21(3)(a) And (b) Of Bill 3: Risk Capital Investment Tax Credit Act
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 79
Committee Motion 1-13(6): Motion To Amend Subclause 21(3)(a) And (b) Of Bill 3: Risk Capital Investment Tax Credit Act
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 79
The Chair John Ningark
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.
Committee Motion 1-13(6): Motion To Amend Subclause 21(3)(a) And (b) Of Bill 3: Risk Capital Investment Tax Credit Act
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 80
The Speaker Samuel Gargan
The House will come back to order. Item 21, report of committee of the whole. Mr. Ningark.
Item 21: Report Of Committee Of The Whole
Item 21: Report Of Committee Of The Whole
September 17th, 1998
Page 80
John Ningark Natilikmiot
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.
Item 21: Report Of Committee Of The Whole
Item 21: Report Of Committee Of The Whole
Page 80
The Speaker Samuel Gargan
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.
Item 22: Orders Of The Day
Item 22: Orders Of The Day
Page 80
Clerk Of The House Mr. David Hamilton
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