I-3 - Taxation Act

Section 776.1.25 Disposition versions

2015-12-04

776.1.25. For the purposes of section 776.1.24, an amount attributable to qualified wages, for the purposes of Division II.6.0.1.9 of Chapter III.1 of Title III of Book IX, paid by a corporation to an individual for a preceding taxation year, described in subparagraph i or ii of paragraph b of the definition of “qualified wages” in the first paragraph of section 1029.8.36.0.3.79, is deemed to be repaid by a corporation, person or partnership, as the case may be, in a particular taxation year, pursuant to a legal obligation, if that amount

(a)  is described in that subparagraph i or ii in relation to those qualified wages;

(b)  in the case of an amount described in that subparagraph i, was not received by the corporation;

(c)  in the case of an amount described in that subparagraph ii, was not obtained by the person or partnership; and

(d)  ceased, in the particular taxation year, to be an amount that the corporation, person or partnership may reasonably expect to receive or obtain.

2015, c. 36, s. 53.