Federal tax benefit definition

Federal tax benefit means the excludability of interest on higher education bonds from gross income under the Internal Revenue Code, the qualification of higher education bonds for any federal interest subsidy payment or any other tax-advantaged status granted under the Internal Re- venue Code.
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Federal tax benefit means the excludability of interest on higher education bonds
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Federal tax benefit as to any Subgroup, shall mean the amount determined with respect to such Subgroup under Section C.2. hereof, as adjusted pursuant to any other provision hereof.
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Examples of Federal tax benefit in a sentence

  • The Applicant will neither attempt to amortize, deduct, or recover from the Internal Revenue Service any compliance fee paid in connection with this compliance statement nor receive any Federal tax benefit on account of payment of such compliance fee.

  • December 31, 2016 2015 Statutory Federal income tax rate 34.0%34.0%State income taxes, net of Federal tax benefit 7.07.8Low income housing credits, net of investment losses -2.0-3.6Earnings from bank owned life insurance -1.8-2.7Merger expenses 0.34.6Other, net 0.8 1.0 Effective tax rate 38.3% 41.1% 10.

  • The total amount of unrecognized tax benefits at October 30, 2010, that, if recognized would affect the effective tax rate was $9.9 million (net of the Federal tax benefit).

  • The principal items accounting for the difference between the income tax benefits computed using the United States statutory rate and the provision for income taxes are as follows (in thousands): Nine Months Year Ended Ended September 30, 1998 June 30, 1999 ------------------ -------------- (unaudited) Federal tax benefit at statutory rate ...............

  • The Company carried back the Federal net operating loss of $3.4 million generated in 2018 to 2015 and 2016 tax periods, resulting in a Federal tax benefit.

  • A reconciliation of the income taxes computed at the Federal statutory rate to the Company's income tax expense is as follows: Year ended December 31, 1997 1996 1995 Taxes at Federal rate (35%) $4,337 $6,950 $5,563 Increase (decrease) resulting from: Valuation allowance adjustment - - (197) State taxes, net of Federal tax benefit 132 397 203 Foreign Sales Corp.

  • The provision for income taxes differs from the amount computed by applying the U.S. Federal statutory tax rate (34% in 2013 and 2012) to income taxes as follows: Tax benefit computed at 34% $ (1,375,300 ) $ (1,031,100 ) State tax provision, net of Federal tax benefit (227,400 ) (170,100 ) Change in valuation allowance 1,542,600 1,167,300 Other 60,100 33,900 Tax provision (benefit) $ — — The Company maintains a defined contribution 401(k) plan available to eligible employees.

  • A reconciliation of income tax benefit at the statutory federal income tax rate and income taxes as reflected in the financial statements as of December 31, 2021 and December 31, 2020 is as follows: Rate Reconciliation2021 2020 Federal tax benefit at statutory rate 21.0% 21.0%State tax, net of federal benefit 6.6 6.8Permanent differences (2.3) 0.1Other 0.0 (1.2)Total provision 25.3% 26.7% On March 27, 2020, the CARES Act was signed into law making several changes to the Internal Revenue Code.

  • A reconciliation of income tax benefit at the statutory federal income tax rate and income taxes as reflected in the consolidated financial statements is as follows: December 31,Rate reconciliation:2021 2020 Federal tax benefit at statutory rate (21.0)% The Company files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions.

  • The Plan Sponsor will neither attempt to amortize, deduct, or recover from the Internal Revenue Service any compliance fee paid in connection with this compliance statement, nor receive any Federal tax benefit on account of payment of such compliance fee.


More Definitions of Federal tax benefit

Federal tax benefit is amended to read as follows:
Sample 1
Federal tax benefit means the excludability of interest on higher education bonds from gross in- come under the Internal Revenue Code, the quali- fication of higher education bonds for any federal interest subsidy payment or any other tax- advantaged status granted under the Internal Re- venue Code.
Sample 1
Federal tax benefit means (i) the eligibility of the Project for the ITC, (ii) the eligibility of the Project for immediate expensing based on an “applicable percentage” of 100% under Section 168 of the Code, and (iii) the treatment of the Borrower as either a disregarded entity or a partnership (as applicable) for U.S. federal income tax purposes.
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Related to Federal tax benefit

  • council tax benefit means council tax benefit under Part 7 of the SSCBA; “couple” has the meaning given by paragraph 4;

  • Net Tax Benefit has the meaning set forth in Section 3.1(b) of this Agreement.

  • Tax Benefit means any refund, credit, or other item that causes reduction in otherwise required liability for Taxes.

  • Federal Tax means any Tax imposed under Subtitle A of the Code.

  • Hypothetical Tax Liability means, with respect to any Taxable Year, the Hypothetical Federal Tax Liability for such Taxable Year, plus the Hypothetical Other Tax Liability for such Taxable Year.

  • Actual Tax Liability means, with respect to any Taxable Year, the liability for Covered Taxes of the Corporation (a) appearing on Tax Returns of the Corporation for such Taxable Year and (b) if applicable, determined in accordance with a Determination (including interest imposed in respect thereof under applicable law).

  • Consolidated federal taxable income means the consolidated taxable income of an affiliated group of corporations, as computed for the purposes of filing a consolidated federal income tax return, before consideration of net operating losses or special deductions. "Consolidated federal taxable income" does not include income or loss of an incumbent local exchange carrier that is excluded from the affiliated group under division (A)(1) of this section.

  • Tax Benefit Payment is defined in Section 3.1(b) of this Agreement.

  • Net After-Tax Benefit means the Present Value of a Payment net of all federal state and local income, employment and excise taxes imposed on Executive with respect thereto, determined by applying the highest marginal rate(s) applicable to an individual for Executive’s taxable year in which the Change in Control occurs.

  • Consolidated federal income tax return means a consolidated return filed for federal income tax purposes pursuant to section 1501 of the Internal Revenue Code.

  • Tax Detriment means an increase in the Tax liability (or reduction in refund or credit or item of deduction or expense) of a taxpayer (or of the Affiliated Group of which it is a member) for any taxable period.

  • Tax Benefits means the net operating loss carryovers, capital loss carryovers, general business credit carryovers, alternative minimum tax credit carryovers and foreign tax credit carryovers, as well as any loss or deduction attributable to a “net unrealized built-in loss” within the meaning of Section 382 of the Code and the Treasury Regulations promulgated thereunder, of the Company or any of its Subsidiaries.

  • Income Tax Return means any Tax Return relating to Income Taxes.

  • After-imposed Federal tax means any new or increased Federal excise tax or duty, or tax that was exempted or excluded on the contract date but whose exemption was later revoked or reduced during the contract period, on the transactions or property covered by this contract that the Contractor is required to pay or bear as the result of legislative, judicial, or administrative action taking effect after the contract date. It does not include social security tax or other employment taxes.

  • Cumulative Net Realized Tax Benefit for a Taxable Year means the cumulative amount of Realized Tax Benefits for all Taxable Years of the Corporate Taxpayer, up to and including such Taxable Year, net of the cumulative amount of Realized Tax Detriments for the same period. The Realized Tax Benefit and Realized Tax Detriment for each Taxable Year shall be determined based on the most recent Tax Benefit Schedule or Amended Schedule, if any, in existence at the time of such determination.

  • Pre-Tax Income means income, as determined by GAAP, prior to deduction of the Bonus Pool (as hereinafter defined) and income taxes, and if applicable, after the deduction of any bonus pool of a future officer bonus plan adopted by the Company relating to an applicable Award Year and adjustments approved by the Board as described herein.

  • Realized Tax Benefit means, for a Taxable Year, the excess, if any, of the Hypothetical Tax Liability over the Actual Tax Liability. If all or a portion of the Actual Tax Liability for the Taxable Year arises as a result of an audit by a Taxing Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax Benefit unless and until there has been a Determination.

  • Pre-Tax Earnings means the Corporation's earnings before income taxes as reported in the Company's Consolidated Income Statement for each fiscal year of the Performance Period, excluding any non-cash charge incurred in accordance with accounting principles generally accepted in the United States of America (GAAP) for any restricted stock or restricted stock unit awards granted during the Performance Period and all options, restricted stock and other equity compensation granted to Directors during the Performance Period.

  • Federal Tax Certificate means the Issuer's Federal Tax Certificate dated as of the Issue Date, as the same may be amended or supplemented in accordance with the provisions thereof.

  • Swiss Federal Tax Administration means the tax authorities referred to in article 34 of the Swiss Withholding Tax Act.

  • Post-Distribution Tax Period means a Tax year beginning and ending after the Distribution Date.

  • Assumed Tax Rate means the highest effective marginal combined U.S. federal, state and local income tax rate for a Fiscal Year prescribed for an individual or corporate resident in New York, New York (taking into account (a) the nondeductiblity of expenses subject to the limitation described in Section 67(a) of the Code and (b) the character (e.g., long-term or short-term capital gain or ordinary or exempt income) of the applicable income, but not taking into account the deductibility of state and local income taxes for U.S. federal income tax purposes). For the avoidance of doubt, the Assumed Tax Rate will be the same for all Partners.

  • Income Tax Expense means, with respect to the Borrowers, for any period, the aggregate, without duplication, of all Taxes on the income of such Person for such period, whether current or deferred, determined on a Modified Consolidated Basis.

  • Transaction Payroll Taxes means all employer portion payroll or employment Taxes incurred in connection with any bonuses, option cash-outs or other compensatory payments in connection with the Transactions.

  • Non-Income Tax Return means any Tax Return relating to Taxes other than Income Taxes.

  • Final Tax Amount has the meaning set forth in Section 4.01(b)(ii).