(1) In section MK 4(2),––
(a) “a person's” is replaced by “half of a person's”; and
“a person's”
“half of a person's”
(b) “$1042.86” is replaced by “$521.43”.
“$1042.86”
“$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).”
“(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.