I-3 - Taxation Act

Section 737.18.33 Disposition versions

2022-06-08

737.18.33. (Repealed).

2003, c. 9, s. 57; 2004, c. 21, s. 153; 2022, c. 23, s. 53.

2006-03-01

737.18.33. A qualified corporation for a taxation year that encloses the prescribed form containing the prescribed information with the fiscal return it is required to file for the year under section 1000, may deduct in computing its taxable income for the year, an amount not exceeding 75% of the part of its income for the year that may reasonably be considered to be equal to the amount determined by the formula

(A − B) − C.

In the formula provided for in the first paragraph,

(a)  A is the aggregate of all amounts each of which is the amount obtained by multiplying the qualified corporation’s income for the year from the eligible activities of a recognized business it carries on by the proportion that the number of days in the year that are in the exemption period applicable to the qualified corporation is of the number of days in the year;

(b)  B is the aggregate of all amounts each of which is the amount obtained by multiplying the qualified corporation’s loss for the year from the eligible activities of a recognized business it carries on by the proportion that the number of days in the year that are in the exemption period applicable to the qualified corporation is of the number of days in the year; and

(c)  C is the prior loss attributable to eligible activities of the qualified corporation for the year.

2003, c. 9, s. 57; 2004, c. 21, s. 153.