Income Tax Act — I-3.3 127.48
ied clean hydrogen project of the taxpayer to another taxable Canadian corporation (referred to in this subsection as the “purchaser”), and the vendor and the purchaser jointly elect in prescribed form, on or before the day that is the earliest of the days on or before which any taxpayer making the election is required to file a return of income pursuant to section 150 for the taxation year in which the transaction occurred, to have this subsection apply, the following rules apply: (a) the purchaser is deemed to have acquired any eligible clean hydrogen property of the vendor at the times acquired by the vendor; (b) the provisions of this Act that applied to the vendor in respect of the property that are relevant to the application of the Act in respect of the property after that time are deemed to have applied to the purchaser and, for greater certainty, the purchaser is deemed to have claimed the clean hydrogen tax credits determined under subsection (2) that could have been claimed by the vendor, before that time, in respect of the project; (c) any clean hydrogen project plans that were filed by the vendor in respect of the project before that time are deemed to have been filed by the purchaser; (d) the purchaser is or will be liable for amounts in respect of the property for which the vendor would be liable under this section in respect of actions, transactions or events that occur after that time as if the vendor had undertaken them or otherwise participated in them; and (e) subsection (22) does not apply to the vendor in respect of the disposition of property to the purchaser. Recapture event reporting requirement (24) If subsection (22) applies to a taxpayer or partnership for a particular year, the taxpayer or partnership, as the case may be, shall notify the Minister in prescribed form and manner on or before the taxpayer’s filing-due date for the year or the day when a return is required by section 229 of the Income Tax Regulations to be filed in respect of the fiscal period of the partnership. Recovery and recapture — partnerships (25) Subject to section 127.47, if subsection (12) has at any time applied to add an amount in computing the clean hydrogen tax credit of a current or former member of a partnership, subsections (18) to (23) apply to determine amounts in respect of the partnership as if the partnership was a taxable Canadian corporation, its fiscal period were its taxation year and it had deducted all of the clean hydrogen tax credits that were previously added in computing the clean hydrogen tax credit of any member of the partnership because of the application of subsection (12) in respect of its partnership interest. Member’s share of recovery or recapture (26) Unless subsection (27) applies, if, in a taxation year, a taxpayer is a member of a partnership, the amount that can reasonably be considered to be the taxpayer’s share of any amount of tax determined because of subsection (25) in respect of the partnership shall be added to the taxpayer’s tax otherwise payable under this Part for the year. Election by member (27) A taxable Canadian corporation that is a member of a partnership during a fiscal period of the partnership may elect, in prescribed form and manner, to add to its tax payable under this Part for its taxation year that includes the end of the fiscal period the total amount of tax determined for that fiscal period because of subsection (25) in respect of the partnership. Joint and several, or solidary, liability (28) Each current or former member of a partnership is jointly and severally, or solidarily, liable for any portion of the amount of tax — determined because of subsection (25) in respect of the partnership for a fiscal period — that is not added to the tax payable (a) of a qualifying taxpayer under subsection (26); or (b) of a taxable Canadian corporation because of subsection (27) and paid by the corporation by its filing-due date for its taxation year that includes the end of t