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I-3 - Taxation Act

Section 752.12
Disposition versions

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752.12. An individual may deduct from the amount that, but for this section and sections 752.14 and 766.3.4, would be the individual’s tax otherwise payable under this Part for a particular taxation year such amount as the individual may claim not exceeding the lesser of
(a)  the portion of the aggregate of his additional taxes determined under section 752.14 for the 7 taxation years immediately preceding the particular year that was not deducted in computing his tax otherwise payable under this Part for a taxation year preceding the particular year, and
(b)  the amount by which the amount that, but for this section and sections 752.14 and 766.3.4, would be the individual’s tax otherwise payable under this Part for the particular year, if such tax were determined under this Book without taking account of sections 772.2 to 772.13.3, 776, 776.1.1 to 776.1.5 and 776.1.5.0.11 to 776.1.5.0.15.5, exceeds the amount of the minimum tax applicable to that individual for the particular year as determined under section 776.46.
1988, c. 4, s. 63; 1989, c. 5, s. 108; 1990, c. 59, s. 292; 1992, c. 1, s. 57; 1995, c. 63, s. 62; 1997, c. 14, s. 123; 2001, c. 53, s. 126; 2002, c. 9, s. 18; 2010, c. 25, s. 74; 2012, c. 8, s. 129; 2015, c. 21, s. 303; 2019, c. 14, s. 235.
752.12. An individual may deduct from the amount that, but for this section and sections 752.14 and 766.3.4, would be the individual’s tax otherwise payable under this Part for a particular taxation year such amount as the individual may claim not exceeding the lesser of
(a)  the portion of the aggregate of his additional taxes determined under section 752.14 for the 7 taxation years immediately preceding the particular year that was not deducted in computing his tax otherwise payable under this Part for a taxation year preceding the particular year, and
(b)  the amount by which the amount that, but for this section and sections 752.14 and 766.3.4, would be the individual’s tax otherwise payable under this Part for the particular year, if such tax were determined under this Book without taking account of sections 772.2 to 772.13.3, 776, 776.1.1 to 776.1.5 and 776.1.5.0.11 to 776.1.5.0.14, exceeds the amount of the minimum tax applicable to that individual for the particular year as determined under section 776.46.
1988, c. 4, s. 63; 1989, c. 5, s. 108; 1990, c. 59, s. 292; 1992, c. 1, s. 57; 1995, c. 63, s. 62; 1997, c. 14, s. 123; 2001, c. 53, s. 126; 2002, c. 9, s. 18; 2010, c. 25, s. 74; 2012, c. 8, s. 129; 2015, c. 21, s. 303.
752.12. An individual may deduct from the amount that, but for this section and sections 752.14 and 766.6, would be the individual’s tax otherwise payable under this Part for a particular taxation year such amount as the individual may claim not exceeding the lesser of
(a)  the portion of the aggregate of his additional taxes determined under section 752.14 for the 7 taxation years immediately preceding the particular year that was not deducted in computing his tax otherwise payable under this Part for a taxation year preceding the particular year, and
(b)  the amount by which the amount that, but for this section and sections 752.14 and 766.6, would be the individual’s tax otherwise payable under this Part for the particular year, if such tax were determined under this Book without taking account of sections 772.2 to 772.13.3, 776, 776.1.1 to 776.1.5 and 776.1.5.0.11 to 776.1.5.0.14, exceeds the amount of the minimum tax applicable to that individual for the particular year as determined under section 776.46.
1988, c. 4, s. 63; 1989, c. 5, s. 108; 1990, c. 59, s. 292; 1992, c. 1, s. 57; 1995, c. 63, s. 62; 1997, c. 14, s. 123; 2001, c. 53, s. 126; 2002, c. 9, s. 18; 2010, c. 25, s. 74; 2012, c. 8, s. 129.
752.12. An individual may deduct from the amount that, but for this section and sections 752.14 and 766.6, would be the individual’s tax otherwise payable under this Part for a particular taxation year such amount as the individual may claim not exceeding the lesser of
(a)  the portion of the aggregate of his additional taxes determined under section 752.14 for the 7 taxation years immediately preceding the particular year that was not deducted in computing his tax otherwise payable under this Part for a taxation year preceding the particular year, and
(b)  the amount by which the amount that, but for this section and sections 752.14 and 766.6, would be the individual’s tax otherwise payable under this Part for the particular year, if such tax were determined under this Book without taking account of sections 772.2 to 772.13, 776, 776.1.1 to 776.1.5 and 776.1.5.0.11 to 776.1.5.0.14, exceeds the amount of the minimum tax applicable to that individual for the particular year as determined under section 776.46.
1988, c. 4, s. 63; 1989, c. 5, s. 108; 1990, c. 59, s. 292; 1992, c. 1, s. 57; 1995, c. 63, s. 62; 1997, c. 14, s. 123; 2001, c. 53, s. 126; 2002, c. 9, s. 18; 2010, c. 25, s. 74.
752.12. An individual may deduct from the amount that, but for this section and sections 752.14 and 766.6, would be the individual’s tax otherwise payable under this Part for a particular taxation year such amount as the individual may claim not exceeding the lesser of
(a)  the portion of the aggregate of his additional taxes determined under section 752.14 for the 7 taxation years immediately preceding the particular year that was not deducted in computing his tax otherwise payable under this Part for a taxation year preceding the particular year, and
(b)  the amount by which the amount that, but for this section and sections 752.14 and 766.6, would be the individual’s tax otherwise payable under this Part for the particular year, if such tax were determined under Book V without taking account of sections 772.2 to 772.13, 776, 776.1.1 to 776.1.5 and 776.1.5.0.11 to 776.1.5.0.14, exceeds the amount of the minimum tax applicable to that individual for the particular year as determined under section 776.46.
1988, c. 4, s. 63; 1989, c. 5, s. 108; 1990, c. 59, s. 292; 1992, c. 1, s. 57; 1995, c. 63, s. 62; 1997, c. 14, s. 123; 2001, c. 53, s. 126; 2002, c. 9, s. 18.
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