S-34 - Act respecting fiscal incentives to industrial development

Section 29 Disposition versions

1977-12-31

29. Section 1, except to the extent that it enacts the definitions of the expressions “allowable expenditure”, “manufacturing business”, “allowable investment” and “Zone I” or “Zone II”, sections 4 to 12 and section 20 apply to any taxation year of a corporation terminating after 12 April 1977 except that, with respect to a taxation year overlapping 12 April 1977, the amount in respect of which a corporation may make the election mentioned in section 4 shall not exceed the proportion of the amount otherwise established under the said section 4 for the year, represented by the ratio between the number of days in the year that follow 12 April 1977 and the total number of days in the year.

Furthermore, with regard to the application of sections 4 to 12 and 20 to the 1977, 1978 or 1979 taxation year of a corporation, sections 6 and 7 must read as if references to the preceding taxation year or to the year preceding the preceding taxation year of the corporation which made the election provided for in section 4 were references to such a taxation year terminating after 12 April 1977; however, such is the case and where account must be taken, for the purposes of sections 6 and 7, of data relating to a taxation year of a related corporation terminating during the relevant taxation year of the electing corporation, it shall not be necessary that the taxation year of such related corporation terminate after 12 April 1977.

1977, c. 59, s. 31.