24.2 (1) The Minister, on application and on receipt of evidence satisfactory to the Minister, shall provide a credit in respect of tax paid under section 2 or subsection 3 (9) of the Act to a registrant liable to pay tax under subsection 3 (2) of the Act if, (a) the registrant or the owner paid tax under section 2 of the Act upon the purchase of the multijurisdictional vehicle or upon bringing or sending the vehicle into Ontario or paid tax under subsection 3 (9) of the Act when the multijurisdictional vehicle ceased to be registered under the International Registration Plan; and (b) the tax had been paid within five years, for a vehicle other than a bus, or eight years for a bus, before the date the vehicle becomes a multijurisdictional vehicle.  O. Reg. 379/01, s. 6. (2) For the purposes of subsection (1), if the multijurisdictional vehicle was purchased by a broker driver of the registrant, the credit shall be given to the registrant on behalf of the broker driver.  O. Reg. 379/01, s. 6. (3) The credit to which a person is entitled under this section shall be calculated in accordance with the following formula: Credit = VTV × CR × OTR × M where, VTV  is the vehicle taxable value, CR  is the credit tax rate established under subsection (4), OTR  is the Ontario travel ratio for the fleet of vehicles, M is the number of whole or partial calendar months in the fleet registration year of the vehicle at the time that the vehicle is registered divided by 12, and rounded to the nearest cent, and every fraction of less than one-half cent shall not be counted and every fraction of one-half cent or more shall be counted as one cent.  O. Reg. 379/01, s. 6. (4) For the purposes of subsection (3), the credit tax rate with respect to a multijurisdictional vehicle is the rate determined by reference to the appropriate calendar year and type of vehicle in the following table:  Calendar Year   Tax Rate for a vehicle other than a bus (%)   Tax Rate for a bus (%) 

  acquisition year   2.143   2.411 

  first calendar year following the acquisition year   1.871   1.761 

  second calendar year following the acquisition year   1.522   1.292 

  third calendar year following the acquisition year   1.279   0.884 

  fourth calendar year following the acquisition year   1.185   0.610 

  fifth calendar year following the acquisition year   0.000   0.600 

  sixth calendar year following the acquisition year   0.000   0.402 

  seventh calendar year following the acquisition year   0.000   0.040 O. Reg. 379/01, s. 6. (5) The credit to which a person is entitled under this section shall be applied against any tax payable under subsection 3 (2) of the Act in respect of the multijurisdictional vehicle on which the tax under section 2 or subsection 3 (9) of the Act was paid.  O. Reg. 379/01, s. 6. (6) The registrant shall apply for the credit provided under this section at the time the registrant is required to pay tax under subsection 3 (2) of the Act in respect of the fleet of vehicles of which the multijurisdictional vehicle referred to in this section is a part.  O. Reg. 379/01, s. 6. (7) Despite subsection (1), no credit for any tax paid under section 2 of the Act on lease payments shall be provided in respect of a multijurisdictional vehicle acquired under a lease agreement.  O. Reg. 379/01, s. 6.