Possessory Interest Tax definition

Possessory Interest Tax means the tax on non-exempt interest in real or personal property used in association with a business venture (See Ordinance No. 26).

Possessory Interest Tax means a tax levied, assessed or imposed at any time by any taxing authority upon or against a private property interest in government-owned property or the right to the occupancy and use of any benefit in government-owned property that has been granted under a lease, permit, license, concession, contract, or other agreement. During the Term and any Extended Term, Tenant shall be responsible for the payment of any and all Possessory Interest Taxes levied or assessed against Tenant or for Tenant’s use and occupancy of the Premises then coming due for the tax year (12-month period) established by the applicable taxing authority (the “Tax Payment”).

Possessory Interest Tax means any tax, assessment, charge, levy, or fee assessed on a “possessory interest” under California law (including, without limitation, any tax, assessment, charge, levy, or fee arising from California Revenue Code section 107 and the regulations promulgated pursuant thereto, and any similar or successor statutes or regulations, whereby a private party granted the exclusive use of real property owned by a non-taxable entity is required to pay a tax on such right of possession to the County Assessor, California Board of Equalization or another governmental agency).

Examples of Possessory Interest Tax in a sentence

• Pursuant to Section 105 of UTAS, the ONTC, on behalf of the Navajo Nation, issued an assessment to APS on [Date] seeking to assess the Possessory Interest Tax (“PIT”) on APS in connection with its ownership and operation of the Four Corners Power Plant (the “Plant”), switchyards, and transmission and distribution facilities within the Navajo Nation (hereinafter, the Plant, switchyards, and transmission and distribution facilities within the Navajo Nation are collectively referred to as the “Facilities”).

• Pursuant to Section 105 of UTAS, the ONTC, on behalf of the Navajo Nation, issued an assessment to APS on [Date] seeking to assess the Possessory Interest Tax ("PIT") on APS in connection with its ownership and operation of the Four Comers Power Plant (the "Plant"), switchyards, and transmission and distribution facilities within the Navajo Nation (hereinafter, the Plant, switchyards, and transmission and distribution facilities within the Navajo Nation are collectively referred to as the "Facilities").

• Lessee's rent shall be reduced by the amount of any such Possessory Interest Tax in the month following actual payment by Lessee of such tax or if no rent due in cash, and upon submittal of a copy of the xxxx evidencing such obligation and a copy of the check evidencing such payment.

• Pursuant to Section 105 of UTAS, the ONTC, on behalf of the Navajo Nation, issued an assessment to APS on [Date] seeking to assess the Possessory Interest Tax ("PIT") on APS in connection with its ownership and operation of the Four Corners Power Plant (the "Plant"), switchyards, and transmission and distribution facilities within the Navajo Nation (hereinafter, the Plant, switchyards, and transmission and distribution facilities within the Navajo Nation are collectively referred to as the "Facilities").

• As of December 31, 2001, the Revenue and Taxation Department of the Jicarilla Apache Nation (the "Nation") issued to the Company Possessory Interest Tax assessments for 1998, 1999, 2000 and 2001 totaling $3.3 million, as adjusted, including related penalties and interest.

• To date, all Possessory Interest Tax that has been assessed and billed have been paid.

• Lessee shall be responsible for any Possessory Interest Tax arising out of or in any way created by this Lease.

• The taxes imposed pursuant to District of Columbia Code § 47-1005.01, which is commonly referred to as the District of Columbia Possessory Interest Tax, real estate taxes and any personal property taxes for the year in which the Closing occurs will be prorated between Seller and Purchaser as of the Apportionment Time on the basis of actual bills therefor, if available.

• Based on the plain wording contained in Tribal Ordinances in effect at that time, Xxxxxx considered the Amine Plant to be “production equipment”, and calculated and paid the resulting Possessory Interest Tax to the Nation.

• The Company paid the assessments, but filed protests with the Nation taking the position that, among other things, certain rules and regulations promulgated in December 2000 by the Nation do not apply to the determination of Possessory Interest Tax for years prior to 2001.

More Definitions of Possessory Interest Tax

Possessory Interest Tax means tax imposed pursuant to laws of the State of California on leaseholds of tax exempt property and does not include taxes on Tenant's inventory, personal, or any other tax or assessment that is presently or may, in the future be levied. On demand by Landlord, Tenant shall furnish Landlord with satisfactory evidence of these payments.