Mr. Speaker, we are prepared to take immediate action. On behalf of the Minister of Industry and the President of the Treasury Board I am pleased to announce that retroactive to last January 1 and until June 30, 1999 all small and medium size businesses in Canada will be entitled to take a 100% capital cost allowance on all purchases up to $50,000 in hardware, software and information technology.
Retroactive to January 1, SMBs gearing up for the millennium bug will be allowed to deduct 100% of their purchases in this area in the first year.
I would like to thank the industry community, the members of this House—