Section LE 3 — Income Tax Act 2007: Use of remaining credits by others

LE 3 Use of remaining credits by others When this section applies (1) This section applies when a person other than a person referred to in section LE 2(2) or a life insurer has an amount of tax credit remaining for a tax year under section LA 5(4) (Treatment of remaining credits). Amount carried forward (2) The amount may be carried forward to the next tax year as a credit carried forward. Amount of reduction (3) The person’s credit is reduced by an amount equal to the amount carried forward and extinguished by the Commissioner under section 177C of the Tax Administration Act 1994. Defined in this Act: amount , Commissioner , life insurer , tax credit , tax year , Compare: 2004 No 35 ss LB 1(1)(hb) , LB 2(2B), (3B), (3C) Section LE 3(1): amended, on 1 July 2010, by section 327(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section LE 3 list of defined terms life insurer : inserted, on 1 July 2010, by section 327(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).