Common use of PERSONAL PROPERTY TAX Clause in Contracts

PERSONAL PROPERTY TAX. Customer agrees to pay Hawthorne an additional 0.75% charge on the rental price of qualified heavy equipment as defined in California Civil Code 1656.5 (“PPT”). The PPT is an estimate of the personal property tax Hawthorne will be required to remit for the rental of certain qualified heavy equipment by Customer. In the event the PPT exceeds actual amounts owed by Hawthorne, Customer acknowledges and authorizes the excess to be remitted to the State Board of Equalization for deposit into the State of California General Fund as required by law.

PERSONAL PROPERTY TAX. Customer agrees to pay Hawthorne Xxxxxxxxx an additional 0.75% charge on the rental price of qualified heavy equipment as defined in California Civil Code 1656.5 (“PPT”). The PPT is an estimate of the personal property tax Hawthorne will be required to remit for the rental of certain qualified heavy equipment by Customer. In the event the PPT exceeds actual amounts owed by HawthorneXxxxxxxxx, Customer acknowledges and authorizes the excess to be remitted to the State Board of Equalization for deposit into the State of California General Fund as required by law.