Section DB 60B — Income Tax Act 2007: Liabilities for emissions

DB 60B Liabilities for emissions When this section applies (1) This section applies when a person incurs a liability— (a) under the Climate Change Response Act 2002 for emissions relating to post-1989 forest land or pre-1990 forest land: (b) to transfer emissions units to the Crown under 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 the liability. Link with subpart DA (3) Subsection (2) overrides the general permission. Defined in this Act: amount , deduction , emissions unit , general permission , post-1989 forest land , pre-1990 forest land Section DB 60B: inserted (with effect on 1 April 2008), on 6 October 2009, by section 81(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section DB 60B(1): substituted (with effect on 1 January 2009), on 7 September 2010, by section 21(1) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109). Section DB 60B list of defined terms emissions unit : inserted (with effect on 1 January 2009), on 7 September 2010, by section 21(2) of the Taxation (Annual Rates, Trans-Tasman Savings Portability, KiwiSaver, and Remedial Matters) Act 2010 (2010 No 109).