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

Bill C-430 If you have any questions or comments regarding the accessibility of this publication, please contact us at [email protected]. First Reading LEGISinfo Bilingual view XML PDF Skip to Document Navigation Skip to Document Content 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 Publication Explorer Publication Explorer ParlVU