I-3 - Taxation Act

Section 737.18.34 Disposition versions

2022-06-08

737.18.34. (Repealed).

2003, c. 9, s. 57; 2004, c. 21, s. 154; 2005, c. 38, s. 103; 2009, c. 5, s. 257; 2012, c. 8, s. 81; 2022, c. 23, s. 53.

2012-05-09

737.18.34. Subject to the fourth paragraph, an individual who, for all or part of a taxation year, is a foreign specialist holding employment with a qualified corporation, may deduct, in computing the individual’s taxable income for the year, an amount not greater than the aggregate of all amounts each of which is determined, in respect of a specified period of the individual in relation to that employment, by the formula

A × B.

In the formula provided for in the first paragraph,

(a)  A is

i.  if the individual entered into the individual’s employment contract with the qualified corporation between 12 June 2003 and 31 March 2004, or entered into the contract before 13 June 2003 but began to perform the duties of that employment after 1 September 2003, 75%,

i.1.  if the individual entered into the individual’s employment contract with the qualified corporation after 30 March 2004,

(1)  100%, if that specified period of the individual is included in the first or second year of the period described in paragraph c of the definition of “eligibility period” in the first paragraph of section 737.18.29,

(2)  75%, if that specified period of the individual is included in the third year of the period described in that paragraph c,

(3)  50%, if that specified period of the individual is included in the fourth year of the period described in that paragraph c, or

(4)  37.5%, if that specified period of the individual is included in the fifth year of the period described in that paragraph c, and

ii.  in any other case, 100%; and

(b)  B is the portion of the individual’s income for the year that may reasonably be considered to be realized in the part of the individual’s specified period that is included in the year.

For the purposes of subparagraph b of the second paragraph, the following rules apply:

(a)  if the individual is a member of a partnership in a taxation year, the individual’s share of the income or loss of the partnership for a fiscal period that ended in the year must be considered to be earned or sustained during the part of the year referred to in that subparagraph b if the fiscal period ends in that part of the year, and to be earned or sustained during another part of the year if the fiscal period ends in that other part of the year; and

(b)  if the individual includes an amount in computing the individual’s income for a taxation year under section 313.11, the amount must be considered to be income earned by the individual on the last day of that year.

An individual may deduct an amount under the first paragraph, in computing the individual’s taxable income for a taxation year only if the individual encloses, with the fiscal return the individual is required to file under section 1000 for the year, a copy of the qualification certificate that

(a)  has been issued to the qualified corporation for the year in respect of the individual; and

(b)  certifies that the individual is recognized as a specialist for all or part of the year;

(c)  (subparagraph repealed).

2003, c. 9, s. 57; 2004, c. 21, s. 154; 2005, c. 38, s. 103; 2009, c. 5, s. 257; 2012, c. 8, s. 81.

2009-05-15

737.18.34. Subject to the fourth paragraph, an individual who, for all or part of a taxation year, is a foreign specialist holding employment with a qualified corporation, may deduct, in computing the individual’s taxable income for the year, an amount not greater than the aggregate of all amounts each of which is determined, in respect of a specified period of the individual in relation to that employment, by the formula

A × B.

In the formula provided for in the first paragraph,

(a)  A is

i.  if the individual entered into the individual’s employment contract with the qualified corporation between 12 June 2003 and 31 March 2004, or entered into the contract before 13 June 2003 but began to perform the duties of that employment after 1 September 2003, 75%,

i.1.  if the individual entered into the individual’s employment contract with the qualified corporation after 30 March 2004,

(1)  100%, if that specified period of the individual is included in the first or second year of the period described in paragraph c of the definition of “eligibility period” in the first paragraph of section 737.18.29,

(2)  75%, if that specified period of the individual is included in the third year of the period described in that paragraph c,

(3)  50%, if that specified period of the individual is included in the fourth year of the period described in that paragraph c, or

(4)  37.5%, if that specified period of the individual is included in the fifth year of the period described in that paragraph c, and

ii.  in any other case, 100%; and

(b)  B is the portion of the individual’s income for the year that may reasonably be considered to be realized in the part of the individual’s specified period that is included in the year.

For the purposes of subparagraph b of the second paragraph, the following rules apply:

(a)  if the individual is a member of a partnership in a taxation year, the individual’s share of the income or loss of the partnership for a fiscal period that ended in the year must be considered to be earned or sustained during the part of the year referred to in that subparagraph b if the fiscal period ends in that part of the year, and to be earned or sustained during another part of the year if the fiscal period ends in that other part of the year; and

(b)  if the individual includes an amount in computing the individual’s income for a taxation year under section 313.11, the amount must be considered to be income earned by the individual on the last day of that year.

An individual may deduct an amount under the first paragraph, in computing the individual’s taxable income for a taxation year only if the individual encloses, with the fiscal return the individual is required to file under section 1000 for the year, a copy of the qualification certificate that

(a)  has been issued to the qualified corporation for the year in respect of the individual;

(b)  has not been revoked in respect of all or part of the year for which the individual is a foreign specialist; and

(c)  is referred to in paragraph d of the definition of “foreign specialist” in the first paragraph of section 737.18.29.

2003, c. 9, s. 57; 2004, c. 21, s. 154; 2005, c. 38, s. 103; 2009, c. 5, s. 257.

2006-03-01

737.18.34. Subject to the fourth paragraph, an individual who, for all or part of a taxation year, is a foreign specialist holding employment with a qualified corporation, may deduct, in computing the individual’s taxable income for the year, an amount not greater than the aggregate of all amounts each of which is determined, in respect of a specified period of the individual in relation to that employment, by the formula

A × B.

In the formula provided for in the first paragraph,

(a)  A is

i.  if the individual entered into the individual’s employment contract with the qualified corporation between 12 June 2003 and 31 March 2004, or entered into the contract before 13 June 2003 but began to perform the duties of that employment after 1 September 2003, 75%,

i.1.  if the individual entered into the individual’s employment contract with the qualified corporation after 30 March 2004,

(1)  100%, if that specified period of the individual is included in the first or second year of the period described in paragraph c of the definition of “eligibility period” in the first paragraph of section 737.18.29,

(2)  75%, if that specified period of the individual is included in the third year of the period described in that paragraph c,

(3)  50%, if that specified period of the individual is included in the fourth year of the period described in that paragraph c, or

(4)  37.5%, if that specified period of the individual is included in the fifth year of the period described in that paragraph c, and

ii.  in any other case, 100%; and

(b)  B is the portion of the individual’s income for the year that may reasonably be considered to be realized in the part of the individual’s specified period that is included in the year.

Where, in a taxation year, the individual is a member of a partnership, the individual’s share of the income or loss of the partnership for a fiscal period ended in the year shall, for the purposes of subparagraph b of the second paragraph, be considered to be earned in the part of the year referred to therein if that fiscal period ends in that part of the year, and to be earned in another part of the year if that fiscal period ends in that other part of the year.

An individual may deduct an amount under the first paragraph, in computing the individual’s taxable income for a taxation year only if the individual encloses, with the fiscal return the individual is required to file under section 1000 for the year, a copy of the qualification certificate that

(a)  has been issued to the qualified corporation for the year in respect of the individual;

(b)  has not been revoked in respect of all or part of the year for which the individual is a foreign specialist; and

(c)  is referred to in paragraph d of the definition of “foreign specialist” in the first paragraph of section 737.18.29.

2003, c. 9, s. 57; 2004, c. 21, s. 154; 2005, c. 38, s. 103.