Recapture Tax definition

Recapture Tax means the agricultural property recapture tax imposed under this act.
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Recapture Tax means the potential tax on First Mortgage Program borrowers under the provisions of Section 143 (m) of the Internal Revenue Code of 1986 and the accompanying regulations, as described in Chapter 3 of this Guide.
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Recapture Tax means the IRS tax liability for a homebuyer who utilizes MRB or MCC proceeds if they sell or cease to occupy a home purchased under the Program before the required nine-year occupancy period expires.
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Examples of Recapture Tax in a sentence

  • Unless otherwise provided in the applicable Administrator’s Guidelines, for each Mortgage Loan closed, each Mortgagor shall, at the time of the Closing, be provided with a Final Notice to Borrower of Maximum Recapture Tax on Disposition of Single Family Residence (or similarly named instrument) (“Recapture Statement”), completed by the Participant and acknowledged by the Mortgagor(s) in form and substance more fully set forth in the Administrator’s Guidelines.

  • Following the Partnership making any Recapture Tax Payment to an Indemnitor such Indemnitor shall have no further right to extend the Protection Period hereunder.

  • The Participating Lending Institution represents, warrants and covenants that the Participating Lending Institution has provided to the Mortgagor a Recapture Tax Notice, in the form of the Notices attached as Exhibit N and Attachment 11 in the Lender’s Manual, and all information required to be provided to the Mortgagor pursuant to § 143(m) of the Code has been provided.