Income Tax Act — I-3.3 127.44
Reduction of Carbon Dioxide Emissions from Coal-fired Generation of Electricity Regulations . ( projet de CUSC admissible ) qualified concrete storage process means a process evaluated against the ISO 14034:2016 standard Environmental management — Environmental technology verification for which a validation statement confirming that at least 60% of the captured carbon that is injected into concrete is expected to be mineralized and permanently stored in the concrete has been issued by a professional or organization that (a) is accredited as a verification body, under ISO 14034:2016, Environmental management – Environmental technology verification and ISO/IEC 17020:2012, Conformity assessment — Requirements for the operation of various types of bodies performing inspection , by the Standards Council of Canada, the ANSI National Accreditation Board (U.S.) or any other accreditation organization that is a member of the International Accreditation Forum; and (b) meets the requirements of a third-party inspection body described in ISO/IEC 17020:2012, Conformity assessment — Requirements for the operation of various types of bodies performing inspection . ( processus de stockage dans le béton admissible ) qualifying taxpayer means a taxable Canadian corporation. ( contribuable admissible ) specified percentage means, in respect of a (a) qualified carbon capture expenditure if incurred in respect of carbon capture (i) directly from ambient air (A) after 2021 and before 2036, 60%, (B) after 2035 and before 2041, 30%, or (C) after 2040, 0%, or (ii) other than directly from ambient air (A) after 2021 and before 2036, 50%, (B) after 2035 and before 2041, 25%, or (C) after 2040, 0%; and (b) qualified carbon transportation expenditure, qualified carbon storage expenditure or qualified carbon use expenditure if incurred (i) after 2021 and before 2036, 37 1/2%, (ii) after 2035 and before 2041, 18 3/4%, or (iii) after 2040, 0%. ( pourcentage déterminé ) total CCUS project review period , in respect of a CCUS project, means the period beginning on the first day of commercial operations of the project and ending on the last day of the fourth project period. ( période totale d’examen du projet de CUSC ) Tax credit (2) Where a qualifying taxpayer files a prescribed form containing prescribed information on or before its filing-due date for a taxation year, the taxpayer is deemed to have paid on its balance-due day for the year an amount on account of its tax payable under this Part for the year equal to the total of (a) the amount, if any, by which the taxpayer’s cumulative CCUS development tax credit for the year exceeds its cumulative CCUS development tax credit for the immediately preceding taxation year, and (b) the taxpayer’s CCUS refurbishment 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), sections 127.‍45, 127.‍48, 127.‍49, 127.491 and 129 and Part XII.‍7, 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. Cumulative CCUS development tax credit (4) For the purposes of this Act, a taxpayer’s cumulative CCUS development tax credit 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 before the first day of commercial operations of the CCUS project (a) a qualified CCUS expenditure incurred in the year or a previous taxation 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 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,