94 (1) A corporation that is an eligible sound recording company for a taxation year and that complies with the requirements of this section may claim an amount for the year in respect of and not exceeding the corporation’s Ontario sound recording tax credit for the year.  2007, c. 11, Sched. A, s. 94 (1). Amount of tax credit (2) The amount of a corporation’s Ontario sound recording tax credit for a taxation year is the sum of all amounts, each of which is in respect of an eligible Canadian sound recording in relation to which the corporation is an eligible sound recording company and each of which is equal to 20 per cent of the qualifying expenditures incurred by the corporation before the end of the year in respect of the recording, to the extent that the expenditures were not included in determining the amount of the corporation’s available tax credit under this section or section 43.12 of the Corporations Tax Act for a previous taxation year.  2007, c. 11, Sched. A, s. 94 (2). Limit on tax credit (2.1) A corporation may only claim the Ontario sound recording tax credit in respect of a qualifying expenditure incurred on or after April 24, 2015 if the following requirements are met: 1. The expenditure was incurred in respect of an eligible Canadian sound recording that commenced before April 23, 2015. 2. The expenditure was incurred before May 1, 2016. 3. The corporation did not receive an amount from the Ontario Music Fund in respect of the expenditure. 2015, c. 20, Sched. 40, s. 14. Corporate partner (3) The following rules apply if a corporation is a member of a partnership at the end of a fiscal period of the partnership in which the partnership would qualify for an Ontario sound recording tax credit in respect of one or more eligible Canadian sound recordings if the partnership were a corporation whose fiscal period was its taxation year, and if the corporation would be an eligible sound recording company for the taxation year in relation to the eligible Canadian sound recordings: 1. Subject to paragraph 2, the portion of the Ontario sound recording tax credit to which the partnership would be entitled if it were a corporation that may reasonably be considered to be the corporation’s share may be included in determining the amount of the corporation’s Ontario sound recording tax credit for the corporation’s taxation year. 2. If the corporation or another member of the partnership bases a claim in respect of the partnership for the fiscal period under subsection (4), no amount in respect of the partnership may be included in determining the amount of the corporation’s Ontario sound recording tax credit for the corporation’s taxation year otherwise than under subsection (4).  2007, c. 11, Sched. A, s. 94 (3). Same (4) If it is acceptable to the Ontario Minister, a partner’s share of a partnership’s Ontario sound recording tax credit determined under subsection (3) for a fiscal period shall be equal to such amount as the partner claims not exceeding the amount, if any, by which the amount of that credit exceeds the total of all amounts each of which is claimed under this section or section 43.12 of the Corporations Tax Act in respect of the tax credit by another partner.  2007, c. 11, Sched. A, s. 94 (4). Limited partner (5) Despite subsections (3) and (4), a limited partner’s share of an Ontario sound recording tax credit to which a partnership would be entitled if it were a corporation is deemed to be nil.  2007, c. 11, Sched. A, s. 94 (5). Application for certificate (6) In order to be eligible to claim an amount in respect of an Ontario sound recording tax credit under this section in respect of a sound recording, a corporation shall apply to the Ontario Media Development Corporation or a person designated by the Minister of Culture for certification that the sound recording is an eligible Canadian sound recording and that the corporation is an eligible sound recording company for the taxation year in relation to the eligible Canadian sound recording.  2007, c. 11, Sched. A, s. 94 (6). Same (7) A corporation that applies for certification under this section shall provide to the designated person the information the designated person specifies for the purposes of making the determinations required under subsection (6).  2007, c. 11, Sched. A, s. 94 (7). Certificate (8) If the particular sound recording is an eligible Canadian sound recording for the purposes of this section and the corporation is an eligible sound recording company for the taxation year in relation to the recording, the designated person shall issue to the corporation a certificate so certifying.  2007, c. 11, Sched. A, s. 94 (8). No claim unless certificate delivered (9) No amount may be claimed under this section for a taxation year in respect of a sound recording unless the corporation delivers to the Ontario Minister, with its return for the year, the certificate issued under this section in respect of the sound recording, or a certified copy of the certificate.  2007, c. 11, Sched. A, s. 94 (9). Revocation of certificate (10) A certificate issued under this section may be revoked if, (a) an omission or incorrect statement was made and it is reasonable to believe that, if the omitted information had been disclosed or if the person designated had known that the statement was incorrect, the designated person would have found that the corporation was not an eligible sound recording company for the purposes of this section or that the recording was not an eligible Canadian sound recording for the purposes of this section; (b) the corporation is not an eligible sound recording company for the year in relation to the eligible Canadian sound recording; or (c) the sound recording is not an eligible Canadian sound recording for the purposes of this section.  2007, c. 11, Sched. A, s. 94 (10). Same (11) A certificate that is revoked is deemed never to have been issued.  2007, c. 11, Sched. A, s. 94 (11). Definitions (12) In this section, “eligible Canadian sound recording” means a sound recording that satisfies the prescribed rules and is by an emerging Canadian artist or group; (“enregistrement sonore canadien admissible”) “eligible sound recording company” has the prescribed meaning; (“société d’enregistrement sonore admissible”) “emerging Canadian artist or group” means an artist or group that satisfies the prescribed rules; (“nouvel artiste ou ensemble canadien”) “qualifying expenditure” means an amount determined in the prescribed manner in respect of an expenditure that satisfies the prescribed rules. (“dépense admissible”)  2007, c. 11, Sched. A, s. 94 (12). Section Amendments with date in force (d/m/y) 2015, c. 20, Sched. 40, s. 14 - 04/06/2015