Versions of s. 27.1(3)

Notwithstanding any other provision of this Act, in computing a taxpayer’s income from a business for a taxation year, the total amount deductible in respect of a particular emissions obligation for a taxation year shall not exceed the amount determined by the formula A + B x C where A is the total cost of emissions allowances either used by the taxpayer to settle the particular emissions obligation in the year, or held by the taxpayer at the end of the taxation year that can be used to satisfy the particular emissions obligation in respect of the year; B is the amount determined by the formula D − (E + F) where D is the number of emissions allowances required to satisfy the particular emissions obligation in respect of the taxation year, E is the number of emissions allowances used by the taxpayer to settle the particular emissions obligation in the year, and F is the number of emissions allowances held by the taxpayer at the end of the taxation year that can be used to satisfy the particular emissions obligation in respect of the year; and C is the fair market value of an emissions allowance at the end of the taxation year that could be used to satisfy the particular emissions obligation in respect of the year.