Inflation Reduction Act Sample Clauses

Inflation Reduction Act. ‌ 9.2.1 Seller shall ensure that any Laborers and Mechanics that perform any portion of the Work that constitutes Construction or Repair or Alteration are paid wages at rates not less than the prevailing rates for work of a similar character in the locality where such Construction or Repair or Alteration is performed, as most recently determined by the Secretary of Labor at the time of the relevant Work, in accordance with subchapter IV of chapter 31 of title 40, United States Code. 9.2.2 Except as provided in this Section 9.2.2, Seller shall ensure that the percentage of the total Labor hours incurred in connection with any portion of the Work that constitutes Construction or Repair or Alteration and that is performed by Qualified Apprentices is at least equal to that percentage set forth in that subsection of Code Section 45(b)(8)(A)(ii) applicable to the year in which the Project begins construction for purposes of Code Section 48. Seller shall employ, and shall ensure that any Tax Subcontractor that employs four or more individuals in connection with such Construction employs, one or more Qualified Apprentices. Seller shall, and shall cause all Tax Subcontractors to retain books and records sufficient to demonstrate compliance with the foregoing. In the event that Seller or any Tax Subcontractor is not able to provide such written documentation, Seller shall be deemed to have satisfied the responsibility set forth in this Section 9.2.2 to the extent that Seller provides written documentation demonstrating to Owner’s reasonable satisfaction (i) that Seller or any such Tax Subcontractor requested Qualified Apprentices from a Registered Apprenticeship Program, and (ii) either (I) such request was denied for reasons other than the failure of Seller or such Tax Subcontractor to comply with the established standards and requirements of such Registered Apprenticeship Program, or
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Inflation Reduction Act. In recent years, numerous legislative, judicial and administrative changes have been made in the provisions of U.S. federal income tax laws applicable to investments similar to an investment in shares of our Common Stock. On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (the ‘‘IRA’’). The IRA includes numerous tax provisions that impact corporations, including the implementation of a corporate alternative minimum tax as well as a 1% excise tax on certain stock repurchases and economically similar transactions. However, REITs are excluded from the definition of an ‘‘applicable corporation’’ and therefore are not subject to the corporate alternative minimum tax. Additionally, stock repurchases by REITs are specifically excepted from the 1% excise tax. Our taxable REIT subsidiary operates as a standalone corporation and therefore could be adversely affected by the IRA. We will continue to analyze and monitor the application of the IRA to our business; however, the effect of these changes on the value of our assets, our shares or market conditions generally, is uncertain. In July 2022, the Company invested $8.0 million, representing a portion of the capital gain the Company recognized from its investment in Monmouth Real Estate Investment Corp. (‘‘MREIC’’), which was acquired by a third party in February 2022, in UMH OZ Fund, LLC (‘‘OZ Fund’’), a new entity formed by the Company. The OZ Fund was created to acquire, develop and redevelop manufactured housing communities requiring substantial capital investment and located in areas designated as Qualified Opportunity Zones by the Treasury Department pursuant to a program authorized under the 2017 TCJA to encourage long-term investment in economically distressed areas. The Company owns a 77% interest in the OZ Fund. The OZ Fund was designed to allow the Company and other investors in the OZ Fund (which include certain of the Company’s directors) to defer the tax on recently realized capital gains reinvested in the OZ Fund until December 31, 2026 and to potentially obtain certain other tax benefits. The Company manages the OZ Fund and will receive certain management fees as well as a 15% carried interest in distributions by the OZ Fund to the other investors (subject to first returning investor capital with a 5% preferred return). Some aspects of the Treasury Department’s Qualified Opportunity Zone rules remain uncertain. Technical corrections legislation may be needed to cla...
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Inflation Reduction Act. If, during the Royalty Term for a Licensed Product in the U.S., such Licensed Product is designated as a Selected IRA Drug by the Secretary of the U.S. Department of Health and Human Services, and Novartis, its Affiliate or its or their Sublicensee is required to negotiate, and is ultimately subject to, a maximum fair price under the Inflation Reduction Act that will apply to sales of such Licensed Product during the price applicability period, then, for the purposes of Section 9.3(a), the royalty rate applicable to the Net Sales of such Licensed Product in the U.S. during [**] shall be reduced [**], [**] of the applicable rates set forth in Section 9.3(a), [**].
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Inflation Reduction Act. If, on a Royalty Product-by-Royalty Product basis, there is application of a maximum fair price under the Inflation Reduction Act in the U.S. with respect to a Royalty Product (an “IRA Impact”) [**].
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Inflation Reduction Act. If, during the Royalty Term for an Optioned Product, such Optioned Product is designated as a Selected Drug by the Secretary of the U.S. Department of Health and Human Services, and Gilead is required to negotiate, and is ultimately subject to, a Maximum Fair Price that will apply to sales of such Optioned Product during the Price Applicability Period, then the applicable Royalty rate set forth in Section 12.6(a) payable to Assembly for the Included Net Sales of such Optioned Product in the United States during the Price Applicability Period shall be reduced by [***].
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Inflation Reduction Act. If, during the Term, a Licensed Product is selected under the Inflation Reduction Act of 2023, as amended from time to time (the “IRA”), for price negotiation, then, for the remainder of the Royalty Term for such Licensed Product in the U.S., the royalty rates set forth in Section ‎8.6(a) or Section ‎8.6(b), as applicable, shall be reduced by [***].
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Related to Inflation Reduction Act

  • Paperwork Reduction Act The collection of information in this final rule has been reviewed and, pending receipt and evaluation of public comments, approved by the Office of Management and Budget (OMB) under 44 U.S.C. 3507 and assigned control number 1545-1675. The collection of information in this regulation is in Sec. 1.860E-1(c)(5)(ii). This information is required to enable the IRS to verify that a taxpayer is complying with the conditions of this regulation. The collection of information is mandatory and is required. Otherwise, the taxpayer will not receive the benefit of safe harbor treatment as provided in the regulation. The likely respondents are businesses and other for-profit institutions. Comments on the collection of information should be sent to the Office of Management and Budget, Attn: Desk Officer for the Department of the Treasury, Office of Information and Regulatory Affairs, Washington, DC, 20503, with copies to the Internal Revenue Service, Attn: IRS Reports Clearance Officer, W:CAR:MP:FP:S, Washington, DC 20224. Comments on the collection of information should be received by September 17, 2002. Comments are specifically requested concerning: Whether the collection of information is necessary for the proper performance of the functions of the Internal Revenue Service, including whether the information will have practical utility; The accuracy of the estimated burden associated with the collection of information (see below); How the quality, utility, and clarity of the information to be collected may be enhanced; How the burden of complying with the collection of information may be minimized, including through the application of automated collection techniques or other forms of information technology; and Estimates of capital or start-up costs and costs of operation, maintenance, and purchase of service to provide information. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a valid control number assigned by the Office of Management and Budget. The estimated total annual reporting burden is 470 hours, based on an estimated number of respondents of 470 and an estimated average annual burden hours per respondent of one hour. Books or records relating to a collection of information must be retained as long as their contents may become material in the administration of any internal revenue law. Generally, tax returns and tax return information are confidential, as required by 26 U.S.C. 6103.

  • Compensation Act The Committee shall be as between the Employer and the Union, with equal representation, and with each party appointing its own representatives.

  • Annual Leave Loading During a period of annual leave an employee will receive a loading of 17.5 per cent calculated on the employee’s normal hourly rate of pay and the daily fares allowance if applicable. The loading will also apply to proportionate leave on lawful termination.

  • Cultural Leave Where such leave is approved by the employer, teachers participating in recognised cultural activities within New Zealand or outside New Zealand are entitled to leave with pay on the same conditions as for sports leave.

  • Indexation Where the Call Off Contract Charges or any component amounts or sums thereof are expressed in this Call Off Schedule 3 as “subject to increase by way of Indexation” the following provisions shall apply: the relevant adjustment shall: be applied on the effective date of the increase in the relevant Call Off Contract Charges by way of Indexation (“Indexation Adjustment Date”) which shall be subject to paragraph 69.1.2 of this Call Off Schedule 3; be determined by multiplying the relevant amount or sum by the percentage increase or changes in the Consumer Price Index published for the twelve (12) Months ended on the 31st of January immediately preceding the relevant Indexation Adjustment Date; where the published CPI figure at the relevant Indexation Adjustment Date is stated to be a provisional figure or is subsequently amended, that figure shall apply as ultimately confirmed or amended unless the Customer and the Supplier shall agree otherwise; if the CPI is no longer published, the Customer and the Supplier shall agree a fair and reasonable adjustment to that index or, if appropriate, shall agree a revised formula that in either event will have substantially the same effect as that specified in this Call Off Schedule 3. The earliest Indexation Adjustment Date will be the (1st) Working Day following the expiry of the period specified in paragraph 8.2 of this Call Off Schedule 3 during which the Contract Charges shall remain fixed (and no review under this paragraph 11 is permitted). Thereafter any subsequent increase by way of Indexation shall not occur before the anniversary of the previous Indexation Adjustment Date during the Call Off Contract Period; Except as set out in this paragraph 69 of this Call Off Schedule 3, neither the Call Off Contract Charges nor any other costs, expenses, fees or charges shall be adjusted to take account of any inflation, change to exchange rate, change to interest rate or any other factor or element which might otherwise increase the cost to the Supplier or Sub-Contractors of the performance of their obligations under this Call Off Contract.

  • Salary Protection A regular employee who fills a regular vacancy or displaces a regular employee at a lower classification shall receive salary protection in accordance with Article 27.7.

  • Annual Leave 17.1 An employee shall be entitled to four weeks annual leave for each twelve months’ service with the Company, exclusive of public holidays. Annual leave accumulates monthly on a pro rata basis. 17.2 The annual leave entitlement for each part time employee shall be calculated pro rata according to the ordinary hours he or she actually works. 17.3 The time of giving and taking of leave shall be by mutual arrangement between the Company and the employee concerned. 17.4 The Company may direct an employee to take annual leave during any shut down, including any such shut down over the Christmas and New Year period, provided the employee has an accrued annual leave balance that will at least cover the period of the shut down. 17.5 The Company may direct an employee to take up to a quarter of his or her total accrued annual leave entitlement if the employee’s accrued annual leave entitlement exceeds 8 weeks. 17.6 Payment for annual leave shall be made at the relevant minimum rate of pay in clause 19 – Minimum wages, plus a loading of 17.5 per cent on that rate of pay. 17.7 The Company may allow annual leave to be taken by an employee before the right thereto has accrued due. 17.8 An employee has no entitlement to the payment of the loading, when annual leave is taken wholly or partly in advance, until an entitlement accrues due and the loading is then payable in respect of the period of such leave and is calculated on the relevant minimum rate of pay in clause 19 – Minimum wages, payable at the accruing of the entitlement. 17.9 Where leave has been granted to an employee before the leave has accrued due, the Company may deduct the balance of the payment to the employee for that leave period from whatever remuneration is payable to him or her upon the cessation of employment. 17.10 An employee whose employment is terminated by the Company or who lawfully leaves the employment shall be entitled to a pro rata payment calculated on his or her relevant minimum rate of pay in clause 19 – Minimum wages, for the period in respect of which annual leave has not been taken, provided that the loading in clause 17.6 shall only be paid in respect of paid out annual leave for employees who have been employed for a minimum 12 months with the Company.

  • BUDGET REDUCTIONS In the event that the County’s Board of Supervisors adopts, in any fiscal year, a County Budget which provides for reductions in the salaries and benefits paid to the majority of County employees and imposes similar reductions with respect to County Contracts, the County reserves the right to reduce its payment obligation under this Contract correspondingly for that fiscal year and any subsequent fiscal year during the term of this Contract (including any extensions), and the services to be provided by the Contractor under this Contract shall also be reduced correspondingly. The County’s notice to the Contractor regarding said reduction in payment obligation shall be provided within thirty (30) calendar days of the Board’s approval of such actions. Except as set forth in the preceding sentence, the Contractor shall continue to provide all of the services set forth in this Contract.

  • Food Service Waste Reduction Requirements Contractor shall comply with the Food Service Waste Reduction Ordinance, as set forth in San Francisco Environment Code Chapter 16, including but not limited to the remedies for noncompliance provided therein.

  • Predatory Lending Regulations; High Cost Loans None of the Mortgage Loans are classified as (a) “high cost” loans under the Home Ownership and Equity Protection Act of 1994 or (b) “high cost,” “threshold,” “predatory” or “covered” loans or “High Cost Home Loans” under any other applicable state, federal or local law (or a similarly classified loan using different terminology under a law imposing heightened regulatory scrutiny or additional legal liability for residential mortgage loans having high interest rates, points and/or fees);

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