Section LO 3 — Income Tax Act 2007: Application of Maori authority distribution ratio

LO 3 Application of Maori authority distribution ratio When this section applies (1) This section applies when a person who has a tax credit under section LO 1 derives a taxable Maori authority distribution that has a Maori authority credit ratio greater than the maximum permitted ratio calculated under section OA 18 (Calculation of maximum permitted ratios). Amount of reduction (2) The person’s credit is reduced by an amount equal to the amount by which the credit is greater than the maximum permitted ratio. Defined in this Act: amount , Maori authority credit ratio , maximum permitted ratio , tax credit , taxable Maori authority distribution , Compare: 2004 No 35 s LB 1(1)(ea)