Taxation (Annual Rates and Budget Measures) Bill

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.