Public and local authorities’ exempt income

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Income Tax Amendment Act 1999

Public Act		1999 No 12
Date of assent		23 March 1999

	Title
1	Short Title
2	Application
3	Public and local authorities’ exempt income
4	Exemption income—dividends
5	Definitions
	Administrative information

An Act to amend the Income Tax Act 1994

BE IT ENACTED by the Parliament of New Zealand as follows:

1 Short Title

This Act may be cited as the Income Tax Amendment Act 1999, and is part of the Income Tax Act 1994 (“the principal Act”).

2 Application

This Act applies to the 1999–2000 and subsequent income years.

3 Public and local authorities’ exempt income

In section CB 3(b)(ii)(B), “or subsidiary of a port company” is inserted after “port company”.

4 Exemption income—dividends

In section CB 10(2)(e)(ii)(B), “or subsidiary of a port company” is inserted after “port company”.

5 Definitions

In section OB 1, the definition of “local authority trading enterprise” is replaced by—

“‘Local authority trading enterprise’ means—

“(a)

A local authority trading enterprise (as defined in section 594b of the Local Government Act 1974):

(b)

An organisation (as defined in section 594b(2) of the Local Government Act 1974) that—

“(i)

Is subject to significant control (as defined in section 594b(2) of that Act), directly or indirectly, by 1 or more local authorities; and

“(ii)

Has significant control (as so defined), directly or indirectly, of a local authority trading enterprise within the meaning of paragraph (a):

“(c)

The New Zealand Local Government Association Incorporated:

“(d)

A company or organisation (as defined in section 594b(2) of the Local Government Act 1974) that is subject to the control, directly or indirectly, of the New Zealand Local Government Association Incorporated:”.

This Act is administered in the Inland Revenue Department.

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Income Tax Amendment Act 1999