Mr. Speaker,

I MOVE, seconded by the honourable Member for Yellowknife Centre, that Bill 2, An Act to Amend the Income Tax Act, be read for the second time.

Mr. Speaker, this bill amends the Income Tax Act to increase the rate of deduction from an individual's net income set out in section 4.1 of the act. This increase has effect for the 2001 and subsequent taxation years. Thank you, Mr. Speaker.