Section LO 1 — Income Tax Act 2007: Tax credits for Maori authority credits

LO 1 Tax credits for Maori authority credits Amount of credit (1) A person who derives a taxable Maori authority distribution in a tax year has a tax credit for the tax year equal to the amount of the Maori authority credit attached to the distribution. Amount altered (2) The amount of the person’s credit in subsection (1) may be reduced or increased if any of sections LO 2 to LO 4 apply. Arrangements for tax advantage (3) A person’s credit under this section is extinguished if sections GB 42 and GB 43 (which relate to Maori authority arrangements to obtain tax advantage) apply. Defined in this Act: amount , Maori authority credit , tax credit , tax year , taxable Maori authority distribution , Compare: 2004 No 35 ss LB 1(1)(m) , LD 3A(1)