Section LZ 9 — Income Tax Act 2007: Savings in special home ownership accounts

LZ 9 Savings in special home ownership accounts When this section applies (1) This section applies when a person operates a special home ownership account in a tax year. Tax credit (2) The person is entitled to a tax credit equal to an amount calculated using the formula— increase in savings × 0.045. Definition of item in formula (3) In the formula, increase in savings is the total amount in complete dollars of the person’s increase in savings for all special accounts in the tax year. Relationship with sections LZ 10 and LZ 11 (4) Sections LZ 10 and LZ 11 override this section. Defined in this Act: amount , increase in savings , special home ownership account , tax credit , tax year , Compare: 2004 No 35 s KG 1(1)