Importance of Tax Exemption Sample Clauses

Importance of Tax Exemption. In accordance with the Long Term Tax Exemption Law, specifically N.J.S.A. 40A:20- 11(b), the Borough hereby finds and determines that it has reviewed the Application and accompanying financial information and it has determined that this Agreement is a critical incentive for the Entity to undertake the Project in the Borough due to the extraordinary costs associated with the development of the Redevelopment Area. The tax exemption permits the development of underutilized property and provides a stream of revenue in the form of the Annual Service Charges. The relative stability and predictability of the Annual Service Charges will allow the owners and, by extension, the occupants, of the Project to stabilize their expenses, which will ensure the likelihood of the success of the Project and ensure that it will have a positive impact on the surrounding area. Further, the relative stability and predictability of the Annual Service Charge makes the Project more attractive to investors and lenders needed to finance the Project. The tax exemption permits the development of the Project in an area that cannot otherwise be developed by reducing the expenses associated with the operation of the Project. Reduced expenses allows for more competitive rents in an otherwise untested market. As a result, the locational decisions of the probable tenants will be influenced positively by the tax exemption. {End of Article IX}
Sample 1
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Importance of Tax Exemption. In accordance with the Long Term Tax Exemption Law, specifically N.J.S.A. 40A:20- 11(b), the Township hereby finds and determines that this Financial Agreement is a critical incentive for the Entity to undertake the Project in the Township due to the extraordinary costs associated with the development of the Redevelopment Area and the related infrastructure costs of the Project. The exemption contemplated hereunder and the financing to be provided through the Redevelopment Bonds provide the benefits to the Township, among others, of the completion of (i) the Improvements, (ii) certain other local and regional infrastructure improvements that otherwise would not exist, and (iii) certain aesthetic, drainage, roadway and pedestrian improvements in the Township. {End of Article X} ARTICLE XI
Sample 1

Related to Importance of Tax Exemption

  • SALES TAX EXEMPTION The Services under the Contract will be paid for from the Department’s funds and used in the exercise of the Department’s essential functions as a State of Utah entity. Upon request, the Department will provide Contractor with its sales tax exemption number. It is Contractor’s responsibility to request the Department’s sales tax exemption number. It is Contractor’s sole responsibility to ascertain whether any tax deductions or benefits apply to any aspect of the Contract.

  • TAX EXEMPTION 18.1 Section 7 of the Convention on the Privileges and Immunities of the United Nations provides, inter-alia that the United Nations, including its subsidiary organs, is exempt from all direct taxes, except charges for public utility services, and is exempt from customs duties and charges of a similar nature in respect of articles imported or exported for its official use. In the event any governmental authority refuses to recognize the United Nations exemption from such taxes, duties or charges, the Contractor shall immediately consult with the UNDP to determine a mutually acceptable procedure.

  • Tax Exemptions Ontario Universities and College Residences are tax-exempt and Residents are not charged taxes on Residence fees. As such, the Resident may claim only $25 as the occupancy cost for the part of the year lived in Residence. If filing either a paper or an electronic income tax return, the Resident does not need to include receipts with the tax return. For that reason, Humber Residences does not provide tax receipts.

  • Section 125-Tax Shelter Tax sheltering of the individual’s contribution for health costs, unreimbursed medical expenses and dependent coverage will be provided, under IRS Section 125. All COG employers must offer the IRS Section 125 tax shelter provided through the COG. If an employee elects to utilize any of the IRS 125 benefits, the administrative cost shall be shared equally between the employee and the employer.

  • Responsibility for Quality of Materials and Installation Contractor acknowledges that he has full, total, and complete responsibility for providing materials, labor, and all other items necessary for providing the level of quality specified in the Contract Documents. He agrees that this responsibility is indivisible, non-delegable, non- transferable, and not diminished by any inspections provided by the Design Professional or his consulting engineers, nor by any inspections provided by the Owner. In recognition of this, Contractor will prepare for submission and review by the Design Professional, a written program describing the efforts that will be taken to insure the proper quality level is achieved. The program shall be submitted prior to the issuance of a Proceed Order.

  • Franchise Tax Certification If PROVIDER is a taxable entity subject to the Texas Franchise Tax (Chapter 171, Texas Tax Code), then PROVIDER certifies that it is not currently delinquent in the payment of any franchise (margin) taxes or that PROVIDER is exempt from the payment of franchise (margin) taxes.

  • Inapplicability of Tariff Liability Any general liability, as described in a Party’s local exchange or other Tariffs, does not extend to the other Party, the other Party’s End User(s), suppliers, agents, employees, or any other third parties. Liability of one Party to the other Party resulting from any and all causes arising out of services, facilities, UNEs or any other items relating to this Agreement shall be governed by the liability provisions contained in this Agreement and no other liability whatsoever shall attach to CenturyLink. CenturyLink shall not be liable for any loss, claims, liability or damages asserted by CLEC, CLEC’s End User(s), suppliers, agents, employees, or any other third parties where CLEC combines or Commingles such components with those components provided by CenturyLink to CLEC,

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