moved for leave to introduce Bill C-657, An Act to amend the Income Tax Act (small brewery tax credit).
Mr. Speaker, I am pleased to introduce today a bill to amend the Income Tax Act, small brewery tax credit.
Currently, microbreweries account for 6% of the overall beer market share in Canada, a number that is estimated to triple in the coming years. The bill would effectively provide a tax credit for Canadian brewers who brewed less than 15,001 hectolitres in a year. It would also be an automatic tax credit for brewers producing less than 5,000 hectolitres annually and the formula specific to those brewing between 5,001 and 15,001 hectolitres.
The New Democrats recognize the importance of taking immediate action to help those breweries thrive. The industry is steadily growing in my riding, with Walkerville Brewery, BREW, Motor Craft Ales, Craft Heads Brewing Company, and soon Rock Bottom. It is vital that we help these small businesses grow and expand for the future. The bill will do just that. What is good for the breweries will result in reinvestment in our local communities through jobs, training and revenues to drive the Canadian economy for years to come.
I would like to thank my colleague from Skeena—Bulkley Valley for his work on the bill as well.
(Motions deemed adopted, bill read the first time and printed)