Section OK 14B — Income Tax Act 2007: MACA refund of tax credit

OK 14B MACA refund of tax credit Debit (1) A Maori authority has a Maori authority debit for— (a) the amount of a transfer under section LA 6(2)(d) (Remaining refundable credits: PAYE, RWT, and certain other items) to the extent to which the transfer does not lead to a refund of income tax: (b) the amount of a refund to the authority under section LA 6(2)(e) : (c) an amount used under section LH 2(6) (Tax credits relating to expenditure on research and development) to pay an amount payable under an Inland Revenue Act to the extent to which the use does not lead to a refund of income tax. Exclusion (2) Despite subsection (1), a Maori authority that is an FDPA company does not have a Maori authority debit to the extent to which the amount transferred, refunded, or used is a tax credit under subpart LF (Tax credits for FDP credits). Table reference (3) The Maori authority debit in subsection (1) is referred to in table O18: Maori authority debits, row 6B (refund of tax credit). Debit date (4) The debit date is— (a) for a debit referred to in subsection (1)(a), the day the amount is transferred: (b) for a debit referred to in subsection (1)(b), the day the amount is refunded: (c) for a debit referred to in subsection (1)(c), the day the amount is applied. Defined in this Act: amount , FDPA company , Inland Revenue Acts , Maori authority , Maori authority debit , pay Section OK 14B: inserted (with effect on 1 April 2008), on 6 October 2009, by section 443(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).