50 (1) For the purposes of subsection 47 (3), the amount that may be deducted in computing a specified corporation’s tax payable under this Division for a taxation year that includes a part of the corporation’s amortization period is determined in the following manner: 1. If a regulation is in force limiting the amount of the tax credit that may be deducted under this subdivision in computing a specified corporation’s tax payable under this Division for a taxation year, the amount of the specified corporation’s tax credit for the year is the sum of, i. the lesser of, A. the maximum amount of the tax credit determined in respect of the corporation under that regulation for the year, and B. the amount determined in respect of the corporation for the year under subsection (2), and ii. the amount, if any, of the corporation’s unused credit balance that is deductible for the year under subsection (3). 2. If no regulation described in paragraph 1 is in force in respect of the corporation for the year, the amount of the specified corporation’s tax credit for the year is the sum of, i. the amount determined in respect of the corporation for the year under subsection (2), and ii. the amount, if any, of the corporation’s unused credit balance that is deductible for the year under subsection (3).  2007, c. 11, Sched. A, s. 50 (1). Same (2) For the purposes of sub-subparagraph 1 i B and subparagraph 2 i of subsection (1), the amount determined in respect of the specified corporation for a taxation year is the lesser of “A” and “B” where, “A” is the amount calculated using the formula, C × D/E in which, “C” is the amount of tax that would be payable by the corporation for the year under this Division if that amount were determined without reference to section 39, subsection 47 (3), and sections 53 and 53.2, “D” is the number of days in the corporation’s amortization period that are in the taxation year, and “E” is the number of days in the taxation year, and “B” is, (a) if the corporation’s amortization period ends in the taxation year and is shorter than the corporation’s reference period because of subclause 46 (2) (b) (ii), (iii) or (vi) or subsection 46 (3), the amount calculated using the formula, F/G × (H – I) × J in which, “F” is the number of days in the corporation’s reference period that are after the beginning of the taxation year, “G” is the number of days in the corporation’s reference period, “H” is the corporation’s total Ontario balance at the end of the taxation year, “I” is the corporation’s total federal balance at the end of the taxation year, and “J” is the corporation’s adjusted basic rate for the taxation year, or (b) in any other case, the amount that would be determined under clause (a) if “F” were the number of days in the corporation’s amortization period that are in the taxation year. 2007, c. 11, Sched. A, s. 50 (2); 2009, c. 34, Sched. U, s. 10. Deduction in respect of unused credit balance (3) For the purposes of subparagraphs 1 ii and 2 ii of subsection (1), the amount of a specified corporation’s unused credit balance that is deductible in computing its tax payable under this Division for a taxation year is the lesser of, (a) the amount, if any, by which the amount of “A” in subsection (2) in respect of the corporation for the year exceeds the amount determined in respect of the corporation for the year under subparagraph 1 i or 2 i of subsection (1), whichever is applicable; and (b) the corporation’s unused credit balance for the year.  2007, c. 11, Sched. A, s. 50 (3). Unused credit balance (4) For the purposes of clause (3) (b), a corporation’s unused credit balance for a taxation year that includes any part of the corporation’s amortization period is the amount calculated using the formula, K + L – M in which, “K” is the amount, if any, by which the sum of all amounts each of which is the amount, if any, by which “N” exceeds “P” where, “N” is the amount of “B” under subsection (2) in respect of the corporation for a previous taxation year that ended after December 31, 2008 and that was in the corporation’s amortization period, and “P” is the amount determined under subparagraph 1 i or 2 i of subsection (1), as the case may be, in respect of the corporation for that previous year, “L”   is the sum of all amounts each of which is required to be added under subparagraph 3 iv or 4 iv of subsection 51 (1) in computing the corporation’s unused credit balance for the taxation year or a previous taxation year, and “M” is the sum of all amounts each of which is an amount determined under subsection (3) in respect of the corporation for a previous taxation year. 2007, c. 11, Sched. A, s. 50 (4). Section Amendments with date in force (d/m/y) 2009, c. 34, Sched. U, s. 10 - 01/01/2009