24.1 (1) A labour sponsored investment fund corporation may set aside funds after June 30, 1997 and before January 1, 2001 for the purpose of making an investment in a community small business investment fund corporation and may make the investment after registration of the community small business investment fund corporation under Part III.1.  1997, c. 43, Sched. C, s. 14; 1999, c. 9, s. 62 (1); 2004, c. 16, s. 1 (2). Investment deadlines (2) The following deadlines apply for investing funds set aside under subsection (1): 1. Funds set aside before May 5, 1998 must be invested in a community small business investment fund corporation not later than December 31, 1998. 2. Funds set aside after May 4, 1998 and before January 1, 1999 must be invested in a community small business investment fund corporation not later than December 31, 1999. 3. Funds set aside after December 31, 1998 and before January 1, 2000 must be invested in a community small business investment fund corporation not later than December 31, 2000. 4. Funds set aside after December 31, 1999 and before January 1, 2001 must be invested in a community small business investment fund corporation not later than December 31, 2001.  1999, c. 9, s. 62 (2); 2004, c. 16, s. 1 (2). Investment tax credit (3) Upon application, the Minister may allow a labour sponsored investment fund corporation to do one of the following things if the corporation sets aside funds for investment in a community small business investment fund corporation, or if the corporation invests in such a corporation before January 1, 2004: 1. The corporation may treat twice the amount set aside or invested as an amount invested in an eligible business that is a small business, for the purpose of determining whether the corporation meets the small business investment requirements of section 18.1;  and it may treat the amount set aside or invested as an amount invested in an eligible investment for the purpose of determining whether the corporation meets the requirements of subsection 17 (1). 2. The corporation may reduce the amount of tax owing under subsection 28 (3) for the calendar year in which the funds are set aside or invested.  The amount of the tax reduction is twice the amount set aside or invested.  1999, c. 9, s. 62 (2); 2001, c. 23, s. 15; 2002, c. 22, s. 25; 2004, c. 16, s. 1 (2). Cancellation of credit (3.1) The following rules apply if a labour sponsored investment fund corporation that sets aside funds does not meet the applicable investment deadline set out in subsection (2): 1. On the following date, paragraph 1 of subsection (3) ceases to apply with respect to the funds that are not invested in a community small business investment fund corporation: i. December 31, 1998, if the investment deadline for the funds set aside is December 31, 1998. ii. December 31, 1999, if the investment deadline for the funds set aside is December 31, 1999. iii. December 31, 2000, if the investment deadline for the funds set aside is December 31, 2000. iv. December 31, 2001, if the investment deadline for the funds set aside is December 31, 2001. The labour sponsored investment fund corporation is then required to invest the funds, together with any interest earned on them, in eligible investments that are small businesses and to maintain the investments as required by section 18.1. 2. Once the applicable investment deadline has passed, paragraph 2 of subsection (3) shall be deemed never to have applied with respect to the funds set aside by the labour sponsored investment fund corporation.  1999, c. 9, s. 62 (2); 2004, c. 16, s. 1 (2). Additional credit (4) If a community small business investment fund corporation makes one or more eligible investments under Part III.1 in a particular year, the Minister may, at the end of the calendar year in which the investment is made, allow the labour sponsored investment fund corporation a credit against the investment requirements of that corporation under subsection 17 (1) and a credit against the small business investment requirements of that corporation under section 18.1, equal to the percentage of the Class A shares of the community small business investment fund corporation held by the labour sponsored investment fund corporation multiplied by the amount invested by the community small business investment fund corporation in eligible investments.  1997, c. 43, Sched. C, s. 14; 1998, c. 34, s. 20 (3); 1999, c. 9, s. 62 (3); 2004, c. 16, s. 1 (2). Definition (5) In this section, “small business” has the same meaning as in subsection 18.1 (1).  1999, c. 9, s. 62 (4); 2004, c. 16, s. 1 (2). Section Amendments with date in force (d/m/y) 1997, c. 43, Sched. C, s. 14 - 7/05/1997; 1998, c. 34, s. 20 (3) - 7/05/1997; 1999, c. 9, s. 62  - 14/12/1999 2001, c. 23, s. 15
- 5/12/2001 2002, c. 22, s. 25
- 9/12/2002 2004, c. 16, s. 1 (2) - 1/01/2004