O. Reg. 29/07: PAYMENTS IN LIEU OF CORPORATE TAXES - MUNICIPAL ELECTRICITY UTILITIES
filed February 9, 2007 under Electricity Act, 1998, S.O. 1998, c. 15, Sched. ASkip to content
ontario regulation 29/07
made under the
Electricity Act, 1998
Made: February 6, 2007
Filed: February 9, 2007
Published on e-Laws: February 12, 2007
Printed in The Ontario Gazette: February 24, 2007
Amending O. Reg. 162/01
(Payments in Lieu of Corporate Taxes — Municipal Electricity Utilities)
1. Paragraph 1 of section 4 of Ontario Regulation 162/01 is revoked and the following substituted:
1. Subject to paragraph 1.1, sections 150 to 180 and 220 to 244 of the Federal Act do not apply.
1.1 Subsection 237.1 (6) of the Federal Act applies in determining the amount of a payment required under subsection 93 (1) of the Act for a taxation year ending after February 9, 2007.
2. The Regulation is amended by adding the following section:
Gifts to municipalities
8.1 In computing the taxable income of a municipal electricity utility for the purposes of determining an amount payable under section 93 of the Act for a taxation year ending after March 22, 2006, no deduction may be made in respect of a gift made after that day to a municipal corporation or a police village.
Minister of Finance
Date made: February 6, 2007.