A private institution participating in a major infrastructure project may credit five percent (5%) to twenty percent (20%) of the following expenditures on the project against the business income tax payable by it for the then current year. If the amount of the business income tax payable for the then current year is less than the amount of the creditable expenditures, the balance thereof may be credited against the profit-seeking enterprise income tax payable in the four (4) years following the then current year:
1. Capital expenditures invested in building or operating equipment or technology;
2. Capital expenditures invested in procurement of pollution-control equipment or technology; and
3. Capital expenditures invested in research and development, and personnel training.
The total investment expenditures creditable against the profit-seeking enterprise income tax payable in each year under the preceding Paragraph shall not exceed fifty percent (50%) of such income tax payable by the private institution for the then current year, except in the last year of the four-year period.
The applicable scope of each Subparagraph in Paragraph 1, the authority granting the approval, the deadline and the procedure for application, the implementation period, supplemental tax payment, and other relevant matters shall be prescribed by the competent authority in conjunction with the central authorities in charge of the relevant industries.