Thank you, Mr. Chairman.
The Standing Committee on Infrastructure reviewed Bill 14, An Act to Amend the Risk Capital Investment Tax Credits Act, and the Income Tax Act, on March 23, 1999. The committee would like to thank the Minister of Finance and his officials for presenting the bill.
The amendment amends the Risk Capital Investment Tax Credits Act to allow the government to charge fees to companies registering under the act and to provide for the setting of those fees by regulation. The amendment will also amend the act to retroactively deem the act and the regulations made under the act to have come into force on the date the act was given assent, September 25, 1998. Finally, the act amends the Income Tax Act to give retroactive effect to a provision of that act respecting the investment tax credits established under the Risk Capital Investment Tax Credits Act. This amendment will allow tax credits for the 1998 tax year, as was originally intended.
Mr. Chairman, following the committee's review, a motion was carried to report Bill 14, An Act to Amend the Risk Capital Investment Tax Credits Act, and the Income Tax Act to the Assembly as ready for the committee of the whole. Additional comments or questions of the Members may be posed as we proceed. Thank you, Mr. Chairman.