Taxation (Annual Rates and Budget Measures) Bill

  • enacted
7  Amount of tax credit
  • (1) In section MK 4(2),––

    • (a) a person's is replaced by half of a person's; and

    • (b) $1042.86 is replaced by $521.43.

    (2) Section MK 4(3)(a) and (b) are replaced by the following:

    • (a) equal to half of their total member credit contributions for the year, if that amount is equal to or less than the part-year maximum amount calculated under subsection (4); or

    • (b) equal to the part-year maximum amount calculated under subsection (4), if half of their total member credit contributions for the year is greater than the part-year maximum amount calculated under subsection (4).

    (3) In section MK 4(4), in the formula, $1042.86 is replaced by $521.43.

    (4) Subsections (1), (2), and (3) apply for calculating a tax credit for the year starting on 1 July 2011 and later years.