Income Tax Act — I-3.3 127.47
Definitions 127.47 (1) The following definitions apply in this section. at-risk amount has the meaning assigned by subsection 96(2.2). ( fraction à risques ) clean economy allocation provision means (a) subsection 127.44(11); (b) subsection 127.45(8); (c) subsection 127.48(12); (d) subsection 127.49(8); or (e) subsection 127.491(12). ( disposition d’allocation pour l’économie propre ) clean economy expenditure means (a) a qualified CCUS expenditure as determined under section 127.44; (b) the capital cost of clean technology property as determined under section 127.45; (c) the capital cost of eligible clean hydrogen property as determined under section 127.48; (d) the capital cost of CTM property as determined under section 127.49; or (e) the capital cost of clean electricity property as determined under section 127.491. ( dépense pour l’économie propre ) clean economy provision means (a) this section; (b) section 127.44 and Part XII.7; (c) section 127.45; (d) section 127.46; (e) section 127.48; (f) section 127.49; or (g) section 127.491. ( disposition pour l’économie propre ) clean economy tax credit means (a) a CCUS tax credit (as defined in subsection 127.44(1)); (b) a clean technology investment tax credit (as defined in subsection 127.45(1)); (c) a clean hydrogen tax credit (as defined under section 127.48(1)); (d) a CTM investment tax credit (as defined under section 127.49(1)); or (e) a clean electricity investment tax credit (as defined in subsection 127.491(1)). ( crédit d’impôt pour l’économie propre ) limited partner has the meaning assigned by subsection 96(2.4) if that subsection were read without reference to “if the member’s partnership interest is not an exempt interest (within the meaning assigned by subsection (2.5)) at that time and”. ( commanditaire ) Credits in unreasonable proportions (2) If the members of a partnership agree to share the amount of a clean economy tax credit of the partnership and the share of any member of that amount is not reasonable in the circumstances having regard to the capital invested in or work performed for the partnership by the members of the partnership or such other factors as may be relevant, that share shall, notwithstanding any agreement, be deemed to be the amount that is reasonable in the circumstances. Limited partners (3) Notwithstanding subsection (2), if a taxpayer is a limited partner of a partnership at the end of a fiscal period of the partnership, the total of all clean economy tax credits allocated to the taxpayer by the partnership in respect of that fiscal period shall not exceed the taxpayer’s at-risk amount in respect of the partnership at the end of that fiscal period. Apportionment rule (4) The amount required by any clean economy allocation provision to be added in computing a particular clean economy tax credit of a taxpayer in respect of a partnership for the taxation year in which the partnership’s fiscal period ends is deemed to be the portion of the amount otherwise determined under this section in respect of the taxpayer that is reasonably attributable to each particular clean economy tax credit. Multiple tax credits (4.1) If the cost of a particular property of a partnership is eligible for more than one clean economy tax credit, the partnership may allocate each of those clean economy tax credits to the members of the partnership in accordance with this section and the clean economy allocation provisions, except that no member of the partnership is entitled to more than one clean economy tax credit in respect of that property unless the tax credits are the CCUS tax credit (as defined in subsection 127.44(1)) and the clean hydrogen tax credit (as defined in subsection 127.48(1)) to the extent provided under sections 127.44 and 127.48. Assistance received by member of partnership (5) For the purposes of computing a clean economy tax credit, if, at a particular time, a taxpayer that is a member of a partnership has received, is entitled to receive