Bill C-430

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First Reading

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Summary
Income Tax Act

First Session, Forty-second Parliament,

64-65-66-67-68 Elizabeth II, 2015-2016-2017-2018-2019

HOUSE OF COMMONS OF CANADA

BILL C-430
An Act to amend the Income Tax Act (organic farming tax credit)

FIRST READING, February 21, 2019

Mr. MacGregor

421530

Summary

This enactment amends the Income Tax Act to establish a tax credit for expenses incurred in relation to organic farming.

Available on the House of Commons website at the following address:

www.ourcommons.ca

1st Session, 42nd Parliament,

64-65-66-67-68 Elizabeth II, 2015-2016-2017-2018-2019

HOUSE OF COMMONS OF CANADA

BILL C-430

An Act to amend the Income Tax Act (organic farming tax credit)

Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

R.‍S.‍, c. 1 (5th Supp.‍)

Income Tax Act

1 (1) Section 127 of the Income Tax Act is amended by adding the following after subsection (2):

Organic farming tax credit

(2.‍1) There may be deducted from the tax otherwise payable under this Part for a taxation year by a taxpayer whose chief source of income for the taxation year is farming an amount determined by the formula

A x B

where

A: is the appropriate percentage for the year; and

B: is the lesser of $500,000 and the total of all amounts each of which is an expense incurred by the taxpayer during the year for goods acquired or services received for the purpose of producing or processing an agricultural product that has been certified as organic in accordance with the regulations made under the Canada Agricultural Products Act.

(2) Subsection (1) applies to the 2019 and subsequent taxation years.

Published under authority of the Speaker of the House of Commons