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Manufacturing and Processing Investment Tax Credit Regulations made under subsection 49(10) of the
Income Tax Act
R.S.N.S. 1989, c. 217
O.I.C. 2000-631 (December 14, 2000), N.S. Reg. 199/2000
as amended by O.I.C. 2002-390 (August 29, 2002), N.S. Reg. 110/20021 These regulations may be cited as the Manufacturing and Processing Investment Tax Credit Regulations.
2 For the purposes of Section 49 of the Act, where a taxpayer has, prior to January 1, 2001, incurred a capital cost in respect of a qualified property pursuant to a written agreement entered into prior to January 1, 2001, obligating the taxpayer to acquire the qualified property, the following rules apply for the purpose of determining the eligible investment tax credit:
(a) where the expected total capital cost for the acquisition of the qualified property is evidenced in writing under the terms of the agreement and where more than 50% of the expected total capital cost of the qualified property is incurred before January 1, 2001, the qualified property shall be deemed to have been acquired prior to January 1, 2001;
(b) where the expected total capital cost for the acquisition of the qualified property is evidenced in writing under the terms of the agreement and where 50% or less of the expected total capital cost of the qualified property is incurred before January 1, 2001, that part of the capital cost that is 50% or less shall be deemed to have been acquired prior to January 1, 2001.
3 (1) For the purposes of Section 49 of the Act, where a taxpayer has, prior to January 1, 2003, incurred a capital cost in respect of a qualified property pursuant to a written agreement entered into prior to January 1, 2003, obligating the taxpayer to acquire the qualified property, the following rules apply for the purpose of determining the eligible investment tax credit:
(a) where the expected total capital cost for the acquisition of the qualified property is evidenced in writing under the terms of the agreement and where more than 50% of the expected total capital cost of the qualified property is incurred before January 1, 2003, the qualified property shall be deemed to have been acquired prior to January 1, 2003;
(b) where the expected total capital cost for the acquisition of the qualified property is evidenced in writing under the terms of the agreement and where 50% or less of the expected total capital cost of the qualified property is incurred before January 1, 2003, that part of the capital cost that is 50% or less shall be deemed to have been acquired prior to January 1, 2003.
(2) For the purposes of subsection (1), an expenditure made by a taxpayer in respect of a qualified property for which less than 100% of the total capital cost is incurred before January 1, 2003, shall be deemed not to have been made before the property is considered to have become available for use by the taxpayer as determined under subsections 13(27) and (28) of the Federal Act but without reference to clauses 13(27)(c) and (28)(d).
Section 3 added: O.I.C. 2002-390, N.S. Reg. 110/2002.