I-3 - Taxation Act

Section 1129.4.10.3 Disposition versions

2006-03-01

1129.4.10.3. For the purposes of section 1129.4.10.2, the amount determined in accordance with the second paragraph, in relation to the eligible rental expenses incurred by the corporation in a particular taxation year in respect of an eligible facility, is deemed to be refunded to the corporation in a subsequent taxation year, in this section referred to as the “repayment year”, in which Investissement Québec revokes the certificate it had issued in respect of the facility.

The amount to which the first paragraph refers is equal to the amount by which the aggregate of the eligible rental expenses incurred by the corporation in the particular taxation year and on or after the effective date specified in the notice of revocation, exceeds the aggregate of all amounts each of which is an amount relating to the expenses that, in a taxation year preceding the repayment year but subsequent to the particular year, was refunded, otherwise paid or allocated to a payment to be made by the corporation.

No tax is payable for a taxation year under section 1129.4.10.2 in respect of any amount that is refunded or otherwise paid to the corporation or allocated to a payment to be made by the corporation, if that amount is included in an amount that is deemed to have been refunded, under this section, in that taxation year or in a preceding taxation year.

2003, c. 9, s. 397.