Bill C-411

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First Reading

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2nd Session, 40th Parliament,

57-58 Elizabeth II, 2009

house of commons of canada

BILL C-411

An Act to amend the Income Tax Act (removal of charge)

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. The Income Tax Act is amended by adding the following after section 223.1:

Discharge of charge, lien, priority or interest

223.2 (1) Where a charge, lien or priority on, or a binding interest in, real property or immovables has been created under subsection 223(5), and the Minister has reason to believe that it would be in the public interest to remove that charge, lien, priority or binding interest in order to allow for the redevelopment of the real property or immovable, the Minister may, in accordance with the regulations, discharge the charge, lien, priority or interest.

Regulations

(2) The Governor in Council may make any regulations that the Governor in Council considers necessary for the purposes of subsection (1).

NATIONAL PLAN

National plan

2. (1) Within six months after the coming into force of this Act, the Minister of Finance shall enter into discussions with the appropriate ministers of the provincial and territorial governments for the purpose of establishing, within one year after the coming into force of this Act, a national plan for the removal of government liens or causes of preference from derelict and brownfield properties.

Copy tabled in Parliament

(2) Within 18 months after the coming into force of this Act, the Minister of Finance shall table in Parliament a copy of the national plan referred to in subsection (1).

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