Income Tax Act — I-3.3 127.48
 of an eligible clean hydrogen property (other than equipment described in paragraph (b)) that is acquired by a qualifying taxpayer for use in a clean hydrogen project, (i) if the expected carbon intensity of the hydrogen to be produced by the project is less than 0.75 and the property is acquired (A) before 2034, 40%, (B) in 2034, 20%, and (C) after 2034, 0%, (ii) if the expected carbon intensity of the hydrogen to be produced by the project is 0.75 or greater and less than two and the property is acquired (A) before 2034, 25%, (B) in 2034, 12.5%, and (C) after 2034, 0%, (iii) if the expected carbon intensity of the hydrogen to be produced by the project is two or greater and less than four and the property is acquired (A) before 2034, 15%, (B) in 2034, 7.5%, and (C) after 2034, 0%, and (iv) if the expected carbon intensity of the hydrogen to be produced by the project is four or greater, 0%; and (b) in respect of the capital cost of eligible clean hydrogen property that is clean ammonia equipment or equipment described in any of subparagraphs (c)(iv) to (vi) of the definition eligible clean hydrogen property in this subsection that is used solely in connection with clean ammonia equipment acquired by a qualifying taxpayer for use in a clean hydrogen project, (i) subject to subparagraph (ii), if the equipment is acquired (A) before 2034, 15%, (B) in 2034, 7.5%, and (C) after 2034, 0%, (ii) if the expected carbon intensity of the hydrogen to be produced by the project and used in the production of ammonia is four or greater, 0%. ( pourcentage déterminé ) Clean hydrogen tax credit (2) If a qualifying taxpayer files with its return of income for a taxation year a prescribed form containing prescribed information, the taxpayer is deemed to have paid on its balance-due day for the year an amount on account of the taxpayer’s tax payable under this Part for the year equal to the taxpayer’s clean hydrogen tax credit for the year. Deemed deduction (3) For the purposes of this section, paragraph 12(1)(t), subsection 13(7.1), the description of I in the definition undepreciated capital cost in subsection 13(21), subsection 53(2) and sections 127.44, 127.45, 127.49, 127.491 and 129, the amount deemed under subsection (2) to have been paid by a taxpayer for a taxation year is deemed to have been deducted from the taxpayer’s tax otherwise payable under this Part for the year. Time limit for application (4) A payment on account of tax payable shall not be deemed to be paid under subsection (2) if the taxpayer does not file with the Minister the prescribed form containing prescribed information referred to in subsection (2) in respect of the amount on or before the later of December 31, 2026 and the day that is one year after the taxpayer’s filing-due date for the year and, if the prescribed form is filed after the taxpayer’s filing-due date for the year, no payment by the taxpayer is deemed to arise under that subsection until the prescribed form containing prescribed information has been filed with the Minister. Time of acquisition (5) For the purpose of this section, eligible clean hydrogen property is deemed not to have been acquired before the property becomes available for use by the taxpayer, determined without reference to paragraphs 13(27)(c) and (28)(d). Calculation of carbon intensity (6) For the purposes of calculating the carbon intensity of hydrogen produced and to be produced by a clean hydrogen project of a taxpayer, (a) the most recent Fuel LCA Model at the time of filing by the taxpayer of the most recent related clean hydrogen project plan with the Minister of Natural Resources shall be used, unless, at the time of filing any compliance report under subsection (16), the taxpayer elects to use a subsequent version of the Fuel LCA Model in calculating the actual carbon intensity of the project; (b) subject to paragraph (j), in applying the Fuel LCA Model, an assessment of emissions from the production of hydrogen by the proj