Climate change legislation introduced

The Climate Change (Emissions Trading and Renewable Preference) Bill, introduced on 4 December, establishes the New Zealand Emissions Trading Scheme and legislates for the government's preference for new renewable electricity generation. Clauses 47 to 64 of the bill amend the Income Tax Act 2004 and the Income Tax Act 2007 to provide for the tax treatment of the forestry sector under the scheme. For more information see the bill, "A guide to the Climate Change (Emissions Trading and Renewable Preference) Bill" [link no longer exists], summary of main tax changes (PDF 99KB) and the media statement.