Income Tax Act 2007

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CW 49 Bodies promoting scientific or industrial research
Exempt income

(1)

An amount of income derived by a society or association established mainly to promote or encourage scientific or industrial research is exempt income if—

(a)

the society or association is approved by the Royal Society of New Zealand; and

(b)

none of its funds is used or available to be used for the private pecuniary profit of a member, proprietor, shareholder, or associate of any of them.

Exclusion

(2)

This section does not apply to a Crown Research Institute.

Defined in this Act: amount, associated person, Crown Research Institute, exempt income, income

Compare: 2004 No 35 s CW 41