Section 347 — Excise Tax Act: Transitional credit for taxi businesses

Where a small supplier carrying on a taxi business is registered under Subdivision D of Division V before April 1991, the supplier may, in determining the net tax for where the reporting period of the supplier is a fiscal quarter or a fiscal month, each reporting period of the supplier that ends in 1991 on or after the last day of the first fiscal quarter of the supplier beginning in that year, and in any other case, the first reporting period of the supplier beginning after 1990, deduct the specified amount of the supplier for that reporting period, where that net tax would be a positive amount if it were determined without reference to this subsection and the return under Division V for that period is filed before 1993. For the purposes of subsection (1), the specified amount of a supplier for a reporting period of the supplier is an amount equal to the lesser of the positive amount, if any, that would be the net tax for the period if that amount were determined without reference to that subsection, and the amount determined by the formula A - B where A is $300, and B is the total of all amounts each of which is an amount that, because of that subsection, was deducted in determining the net tax for a preceding reporting period of the supplier.