Section DB 60 — Income Tax Act 2007: Acquisition of emissions units

DB 60 Acquisition of emissions units When this section applies (1) This section applies when an emissions unit is transferred to a person for a price of zero— (a) under section 64 , or Part 4, subpart 2 , of the Climate Change Response Act 2002: (b) in relation to a forest sink covenant under section 67Y of the Forests Act 1949 entered by the person. No deduction (2) The person is denied a deduction for an amount of expenditure or loss incurred as consideration for the emissions unit. Link with subpart DA (3) Subsection (2) overrides the general permission. Defined in this Act: amount , emissions unit , general permission , loss Section DB 60: substituted (with effect on 1 January 2009), on 6 October 2009, by section 80 of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section DB 60(1): substituted (with effect on 1 January 2009), on 7 September 2010, by section 20 of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109).