moved for leave to introduce Bill C-370, an act to amend the Income Tax Act (income deferral from forced destruction of livestock or natural disaster).
Mr. Speaker, I would like to introduce this private member's bill which has come about as a result of severe flooding in my riding last summer which forced the sell-off of substantial numbers of livestock. I discovered that although under conditions of drought producers are allowed to defer income from the forced sale of livestock, that does not extend to forced sale of livestock under any other conditions. This bill would extend that provision for deferment of income to other natural disasters and statutory destruction of livestock.
(Motions deemed adopted, bill read the first time and printed.)