Income Tax Act — I-3.3 127.48
aid on the day that is 180 days after the end of the taxation year in which a deduction in respect of a clean hydrogen tax credit would otherwise be available in respect of the particular property, such amount is to be (a) excluded from the capital cost of the particular property in the year; and (b) added to the capital cost of a separate eligible clean hydrogen property that is deemed to be acquired by the taxpayer at the time the amount is paid, provided that a transaction or event described in paragraph (21)(c) has not occurred in respect of the particular property. Property deemed in respect of qualified project (13.1) A property is deemed to have been acquired in respect of a qualified clean hydrogen project if (a) the property was acquired in respect of a clean hydrogen project that was not a qualified clean hydrogen project because the Minister of Natural Resources was not accepting the filing of clean hydrogen project plans during the taxation year in which the property was acquired; and (b) in a subsequent taxation year, the project becomes a qualified clean hydrogen project. Tax shelter investment (14) Subsection (2) does not apply if an eligible clean hydrogen property – or an interest in a person or partnership that has, directly or indirectly, an interest in, or for civil law, a right in, such property – is a tax shelter investment for the purpose of section 143.2. Annual information reporting requirement (15) If a clean hydrogen tax credit was deducted in any taxation year by a taxpayer in respect of a qualified clean hydrogen project, the taxpayer shall file, with its return of income for each taxation year that begins or ends during the compliance period in respect of the project, a prescribed form containing prescribed information in respect of the operations of the project. Compliance — annual carbon intensity reporting (16) If a clean hydrogen tax credit was deducted by a taxpayer in respect of a qualified clean hydrogen project, the taxpayer shall file with the Minister and the Minister of Natural Resources, within 180 days after the end of each operating year, a compliance report in prescribed form and manner including (a) the actual carbon intensity of the hydrogen produced by the project during the year; (b) the quantity, in kilograms, of hydrogen that is produced by the project during the year; (c) any shutdown time of the project in respect of the year; (d) for the compliance report in respect of the fifth operating year, a report that verifies the actual carbon intensity of the hydrogen produced during each operating year of the compliance period, prepared by a qualified verification firm in respect of the project; and (e) any information required in guidelines published by the Minister of Natural Resources, including the Clean Hydrogen Investment Tax Credit – Validation and Verification Guidance Document . Shared filing (16.1) If more than one person is required by this section to file any documentation or information with the Minister or the Minister of Natural Resources in respect of a clean hydrogen project (including, but not limited to, a revised clean hydrogen project plan, a form described in subsection (15) or a compliance report described in subsection (16)), the filing with full and accurate disclosure by any one of such persons of the documentation or information is deemed to have been made by each person to whom the relevant requirement applies. Failure to report (17) Each taxpayer that fails to file a compliance report for a project as described in subsection (16) is liable to a penalty, for each such failure, in an amount, not exceeding the total of all clean hydrogen tax credits deducted by the taxpayer in respect of the project, equal to the amount determined by the formula ((4% × A) ÷ 365) × B where A is the total of all amounts, each of which is the amount of a clean hydrogen tax credit in respect of the project deducted by the taxpayer for a taxation year that ended before the app