I move that the Bill be now read a Second Time. The purpose of this Bill is to extend by one year the period within which a new building must be begun and completed in order to obtain partial remission of rates under Section 12 of the Local Government Act, 1927. That Act, which applied only to new buildings completed before 1st October, 1930, enabled a reduction of two-thirds to be made in any increased valuation for a period of five years from the date of the increase or until the next general revaluation became effective, whichever was the shorter period. By amending Acts in 1930 and 1934 rate remission was allowed on new buildings completed before 1st October last.
It is intended to provide later in the year a separate Bill for rate remissions on dwellinghouses completed after 1st October next. Experience has revealed certain defects in the working of Section 12 of the Act of 1927, and it is considered that remissions of rates on dwellinghouses completed after next October can be more satisfactorily dealt with in a new Bill than by amending the Act of 1927.
