Section ML 2 — Income Tax Act 2007: Tax credit for redundancy payments

ML 2 Tax credit for redundancy payments Tax credit (1) A person who derives a redundancy payment before 1 October 2011 has a tax credit of an amount equal to 6 cents for every complete dollar of total redundancy payments derived by them before 1 October 2011. It does not matter whether— (a) a redundancy payment is paid in a lump sum or by instalment: (b) the total redundancy payments relate to 1 or more occasions of redundancy of the person. Maximum amount (2) Despite subsection (1), the maximum credit that the person has for each occasion of redundancy is $3,600. Defined in this Act: amount , redundancy payment, tax credit Section ML 2: substituted (with effect on 1 April 2008), on 6 October 2009, by section 370 of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section ML 2(1): amended (with effect on 1 April 2011), on 24 May 2011, by section 9 of the Taxation (Canterbury Earthquake Measures) Act 2011 (2011 No 24). Section ML 2(1): amended (with effect on 1 October 2010), on 21 December 2010, by section 116 of the Taxation (GST and Remedial Matters) Act 2010 (2010 No 130). Section ML 2(1): amended, on 1 October 2010, by section 11 of the Taxation (Budget Measures) Act 2010 (2010 No 27).