Thank you, Mr. Speaker. I move, seconded by the honourable Member for Frame Lake, that Bill 6, an Act to Amend the Payroll Tax Act, 1993 and the Income Tax Act, be read for the second time.
Mr. Speaker, this bill would amend the Payroll Tax Act, 1993 to increase the rate of the payroll tax. The bill would also amend the Income Tax Act. Alternative versions of the amendments to the Income Tax Act are included because Bill 3, An Act to Amend the Income Tax Act, No. 2, also amends the provisions of the Income Tax Act relating to individual income tax. Both versions of the amendments would amend the Income Tax Act to decrease individual income tax rates for persons with taxable incomes less than $66,492 and to increase the amount that an individual may deduct from his or her tax payable. The second version would also clarify the provisions of the Income Tax Act relating to individual income tax in the event that An Act to Amend the Income Tax Act, No. 2, is not enacted. The changes to both the Payroll Tax Act, 1993 and the Income Tax Act would take effect on January 1, 2005. Thank you, Mr. Speaker.