I: Taxable profits and income

The authorisation provided for in Article 238 bis HV is issued by the Minister responsible for the budget, after obtaining the opinion of the Minister responsible for energy, to joint stock companies whose purpose is to conclude long-term electricity supply contracts with electricity producers for the benefit of members of the said companies who meet the conditions set out below. These contracts reserve electricity consumption rights that cannot be exercised…

The companies defined in Article 238 bis HW may not benefit from the scheme provided for venture capital companies by article 1-1 of law no. 85-695 of 11 July 1985 containing various provisions of an economic and financial nature, nor the scheme provided for in favour of single-member venture capital companies mentioned in l’article 208 D.

In the event of non-compliance with their corporate purpose, companies defined in Article 238 bis HW must pay the Treasury compensation equal to 25% of the fraction of the capital that has not been used in accordance with its purpose, without prejudice to the application of the provisions of Article 1649 nonies A. The amount of this indemnity is excluded from deductible expenses for the purposes of calculating taxable profits….

In the event of the dissolution of the company or a reduction in its capital, the Minister for the Economy, Finance and the Budget may order the reintegration of sums deducted pursuant to article 217 quindecies to the taxable income for the financial year during which they were deducted.

A decree sets out the terms of application of articles 238 bis HV to 238 bis HZ and, in particular, the reporting obligations.