Section EH 31 — Income Tax Act 2007: Kind and amount of refund that entitles person to tax credit

EH 31 Kind and amount of refund that entitles person to tax credit Kind (1) A refund that entitles a person to a tax credit is 1 to which both the following apply: (a) the refund is given under any of sections EH 10 , EH 13 , EH 15 , EH 17 , EH 19 , EH 22(3) , EH 23 , and EH 25 ; and (b) the refund does not come from a deposit made for the accounting year in which the refund is given; if the refund comes in part from a deposit made for the accounting year in which the refund is given and in part from a deposit made for some other accounting year, the refund that entitles the person to a tax credit is the part coming from the deposit for some other accounting year. Amount (2) Once a refund qualifies under subsection (1) as a refund that entitles a person to a tax credit, the amount of the refund is the lesser of the following: (a) the amount of the refund given to the person under any of sections EH 10 , EH 13 , EH 15 , EH 17 , EH 19 , EH 22(3) , EH 23 , and EH 25 ; and (b) the total of the amounts by which the person’s income was reduced in 1 or more earlier accounting years by subtracting the deposit or deposits or parts of deposits from which the refund comes. Defined in this Act: accounting year , amount , deposit , income , income tax , person , tax credit , Compare: 2004 No 35 s EH 31