May 30, 1941 (19th Parliament, 2nd Session)

LIB

James Lorimer Ilsley (Minister of Finance and Receiver General)

Liberal

Mr. ILSLEY:

Perhaps this is the stage
at which I should move an amendment I wish to propose, as follows:
1. That the said bill be amended by inserting the following as clause 2 and by renumbering the present clauses 2 to 6 inclusive, 3 to 7 inclusive:
2. Subsection one of section eight of the said act is repealed and the following substituted therefor:
8. (1) The governor in council in order to increase or conserve Canada's supply of foreign exchange may, on the recommendation of the Minister of Finance, enter into agreements with individuals, partnerships or corporations to grant assistance by way of special tax credits and/or special allowances for depreciation or depletion under the Income War Tax Act and/or the Excess Profits Tax Act, if, in the opinion of the governor in council, such assistance is necessary in order that an expansion of the exports of any individual, partnership or corporation receiving such assistance may take place or that the exports of any such individual, partnership or corporation may be maintained at levels .higher than would otherwise obtain, or, in the case of any individual, partnership or corporation operating an oil well or oil wells, if, in the opinion of the governor in council such assistance is necessary in order that sufficient drilling of new wells may take place to maintain or extend the production of oil in Canada and if the Minister of Mines and Resources certifies that such drilling is in oil-bearing areas which give reasonable prospect of yielding producing wells. The provisions of any such agreements granting special tax credits and/or special allowances for depreciation or depletion shall be effective notwithstanding anything contained in the Income War Tax Act or the Excess Profits Tax Act.
2. That clause 7 of the said bill be amended by substituting the word "four" for the word "three" in the third line thereof, and substituting the word "five" for the word "four" in the fourth line thereof.

Topic:   WAR EXCHANGE CONSERVATION ACT
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