C-411
Second Session, Fortieth 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)
first reading, June 9, 2009
Mr. Angus
402265
SUMMARY
This enactment amends the Income Tax Act to allow the Minister of Finance to remove a charge on real property or an immovable to allow for the redevelopment of the real property or immovable where it would be in the public interest to do so.
This enactment also requires the Minister of Finance to enter into discussions with ministers of the provincial and territorial governments for the purpose of establishing a national plan for the removal of government liens or causes of preference from derelict and brownfield properties.
Also available on the Parliament of Canada Web Site at the following address:http://www.parl.gc.ca
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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).
Published under authority of the Speaker of the House of CommonsAvailable from:Publishing and Depository ServicesPublic Works and Government Services Canada