moved for leave to introduce Bill C-252, an act to amend the Income Tax Act.
Mr. Speaker, I am happy to move this bill which calls for an amendment to the Income Tax Act to change the it in a very minor and subtle way so that a business cannot deduct fines from its income tax. The act is currently silent on this issue, and the Supreme Court has ruled that fines, penalties and levies that are levied against a company for breaking the law can be deducted as a legitimate tax deduction. We think this is fundamentally wrong and we call for broad support for this simple amendment to the Income Tax Act.
(Motions deemed adopted, bill read the first time and printed)