COVID-19 Twenty-sixth Qualifying Period
1 Subsection 8901.2(2) of the Income Tax Regulations is replaced by the following:
Base percentage
(2) The percentage determined for the purposes of the definition base percentage in subsection 125.7(1) of the Act, in respect of an eligible entity, is, for the twenty-fourth qualifying period to the twenty-sixth qualifying period, the greater of
(a) the percentage determined for the eligible entity for the qualifying period under paragraph (l) of the definition base percentage in subsection 125.7(1) of the Act if it were read without the application of this subsection, and
(b) the lesser of 75% and the eligible entity's revenue reduction percentage for the qualifying period, if, for the qualifying period,
(i) the eligible entity's revenue reduction percentage is greater than or equal to 25%, and
(ii) one of the following conditions is met:
(A) the eligible entity is subject to a qualifying public health restriction, or
(B) the eligible entity is subject to a qualifying partial public health restriction.
Coming into Force
2 These Regulations come into force on the day on which they are registered.
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