Income Tax Act — I-3.3 127.44
ubsection (11) to be added in computing the taxpayer’s cumulative CCUS development tax credit at the end of the year or a previous year. CCUS refurbishment tax credit (5) For the purposes of this Act, a CCUS refurbishment tax credit of a taxpayer for a taxation year is the total of all amounts, each of which is, in respect of an expenditure incurred for a qualified CCUS project of the taxpayer in the year and during the total CCUS project review period (a) a qualified CCUS expenditure incurred in the year by the taxpayer multiplied by the applicable specified percentage; or (b) an amount required because of subsection (11) to be added in computing the taxpayer’s CCUS refurbishment tax credit at the end of the year. Changes to project or eligible use (6) A taxpayer with a qualified CCUS project shall file, within 90 days after the occurrence of either of the events described in paragraph (a) or (b), a revised project plan for the project with the Minister of Natural Resources, in the form and manner determined by the Minister of Natural Resources if, before the first day of commercial operations of the project, (a) the Minister of Natural Resources determines that there has been a material change to the project and requests that the taxpayer file a revised project plan for the project; or (b) there has been a reduction (as compared to the most recent project plan for the project) of more than five percentage points in the projected eligible use percentage in respect of the project during any project period. Revised project evaluation (7) If a taxpayer files a revised project plan in accordance with subsection (6), the Minister of Natural Resources shall issue a revised project evaluation with all due dispatch. Qualified CCUS project determination (8) For the purposes of this section and Part XII.7, (a) the Minister may, in consultation with the Minister of Natural Resources, determine that one or more CCUS projects is one project or multiple projects (i) at any time before an initial project evaluation of a CCUS project has been issued by the Minister of Natural Resources, or (ii) if a taxpayer is required to file a revised project plan because of subsection (6), after the revised project plan has been submitted, but before a revised project evaluation has been issued by the Minister of Natural Resources in respect of the revised project plan, (b) any determination under paragraph (a) is deemed to result in the CCUS project or CCUS projects, as the case may be, being one project or multiple projects, as the case may be; (c) for each project determined under paragraph (a), a project plan shall be filed by a taxpayer with the Minister of Natural Resources (in the form and manner determined by the Minister of Natural Resources) on or before the day that is 180 days after the determination is made; and (d) the Minister of Natural Resources may request from a taxpayer all reasonable documentation and information necessary for the Minister of Natural Resources to fulfill a responsibility under this section, including final detailed engineering designs, and may refuse to verify an expenditure or issue an initial project evaluation or a revised project evaluation under this section if such documentation or information is not provided by the taxpayer on or before the day that is 180 days after it was requested. Special rules — adjustments (9) For the purposes of this section and Part XII.7, (a) the capital cost to a taxpayer of a property that is described in Class 57 or 58 of Schedule II to the Income Tax Regulations or that is dual-use equipment shall be (i) determined without reference to subsections 13(7.1) and (7.4), and (ii) reduced by the total of all amounts, each of which can reasonably be considered to be in respect of the property and is (A) an amount of any non-government assistance received by the taxpayer in or before the taxation year in which the property was acquired, or (B) an amount that is not described in clause (A)