Section LD 1 — Income Tax Act 2007: Tax credits for charitable or other public benefit gifts

LD 1 Tax credits for charitable or other public benefit gifts Amount of credit (1) A person who makes a charitable or other public benefit gift in a tax year and who meets the requirements of section 41A of the Tax Administration Act 1994 has a tax credit for the tax year equal to the amount calculated using the formula in subsection (2). Formula (2) The formula referred to in subsection (1) is— total gifts × 33⅓%. Definition of item in formula (3) In the formula, total gifts means the total amount of all charitable or other public benefit gifts made by the person in the tax year. Administrative requirements (4) Despite subsection (1), the requirements of section 41A are modified if a tax agent applies for a refund under that section on behalf of a person, and— (a) the tax agent sees the receipt for the person’s charitable or other public benefit gift; and (b) the person retains the receipt for 4 tax years after the tax year to which the claim relates. Refundable credits (5) A credit under this section is a refundable tax credit under section LA 7 (Remaining refundable credits: tax credits under social policy schemes) and is excluded from the application of sections LA 2 to LA 6 (which relate to a person’s income tax liability). Defined in this Act: amount , charitable or other public benefit gift , refundable tax credit , tax agent , tax credit , tax year , Compare: 2004 No 35 s KC 5 Section LD 1(1): substituted, on 1 April 2008, by section 440(1) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section LD 1(2): amended, on 1 April 2008, by section 440(2) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section LD 1(5): amended (with effect on 1 April 2008), on 6 October 2009, by section 321 of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section LD 1(5): amended, on 1 April 2008, by section 440(3) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).