SALT Election definition

SALT Election means any election under applicable state or local Income Tax Law made by or with respect to any entity in the Company Group or the income of such entity pursuant to which the entity will incur or otherwise be liable for any state or local Income Tax Liability under applicable state or local Law that would have been borne (in whole or in part) by the direct or indirect equity owners of the entity had no such election been made (including any “Specified Income Tax Payment” as defined by IRS Notice 2020-75).
Sample 1
SALT Election means an election under applicable state or local Income Tax Law made by or with respect to the Company pursuant to which the Company will incur or otherwise be liable for any state or local Tax Liability under applicable state or local Tax Law that would have been borne (in whole or in part) by the direct or indirect equity owners of the Company had no such election been made, including any such Income Tax Liability that is imposed on the Company as a matter of state or local Income Tax Law and for which an affirmative election is not required (e.g., any “Specified Income Tax Payment” as defined by IRS Notice 2020-75).
Sample 1Sample 2Sample 3
SALT Election means any election under applicable state or local income Tax Law made by or with respect to any Acquired Company Group Member that is classified as a partnership or S corporation (as defined in Section 1361 of the Code or analogous state or local income Tax law) for U.S. federal or state income Tax purposes or any disregarded entity whose regarded owner is a partnership or S corporation, pursuant to which an applicable Acquired Company Group Member will incur or otherwise be liable for any state or local income Tax liability under applicable state or local income Tax law that would have been borne (in whole or in part) by the direct or indirect equity owners of such applicable Acquired Company Group Member had no such election been made.
Sample 1

Examples of SALT Election in a sentence

  • The Company shall not make a SALT Election for a taxable period that included a Pre-Closing Tax Period unless the Taxes resulting from such SALT Election: (i) are included in the final determination of the Final Adjustment Amount; or (ii) are allocated solely to the Parent and paid (or reimbursed) by the Parent on or before the applicable due date for such Taxes.

  • Seller agrees that in any case where there is no material Tax detriment to the Seller Parties from so doing, Seller shall make any SALT Election (rather than requesting that the Company make such election) for a Pre-Closing Tax Period available to Seller.

  • Except as set forth on Section 3.6(o) of the Disclosure Schedule, Parent has not made a SALT Election for any taxable year.


More Definitions of SALT Election

SALT Election means an election under applicable state or local income Tax Law made by or with respect to the Company pursuant to which the Company will incur or otherwise be liable for any state or local Tax liability under applicable state or local Tax Law that would have been borne (in whole or in part) by the direct or indirect equity owners of the Company had no such election been made (e.g., any “Specified Income Tax Payment” as defined by IRS Notice 2020- 75). “Securities Act” means the Securities Act of 1933, as amended. “Seller” has the meaning set forth in the recitals. “Seller Parties” has the meaning set forth in Section 9.17(a). “Software” means computer programs, firmware, software, including object code, source code, executable code, and related documentation.
Sample 1

Related to SALT Election

  • LCT Election has the meaning assigned to such term in Section 1.06.

  • 10) Election has the meaning set forth in Section 6.05(a).

  • Payment Election means an election pursuant to Section 5.1.

  • IDR Reset Election has the meaning given such term in Section 5.11(a).

  • Investment Election means the Participant’s election to have deferred amounts credited with hypothetical earnings credits (or losses) that track the investment performance of the Investment Options and/or Common Stock in accordance with Article V.

  • LCA Election has the meaning specified in Section 1.09(a).

  • Section 336(e) Election has the meaning set forth in Section 7.06.

  • Interest Election Request means a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.07.

  • Distribution Election With respect to any Series, as specified in the related Supplement.

  • Deferral Election means the Participant’s election under Section 3.1 to defer all or a portion of his or her Compensation.

  • Election Form means the form established from time to time by the Committee that a Participant completes, signs and returns to the Committee to make an election under the Plan.

  • Stock Election shall have the meaning set forth in Section 3.2.2.

  • Exchange Election shall have the meaning specified in Section 14.12(a).

  • Distribution Election Form means the form established from time to time by the Plan Administrator that the Director completes, signs and returns to the Plan Administrator to designate the time and form of distribution.

  • Safe Harbor Election has the meaning set forth in Section 10.2(d).

  • Deferral Election Form means the form established from time to time by the Plan Administrator that the Director completes, signs and returns to the Plan Administrator to designate the amount of the Deferrals.

  • Other Benchmark Rate Election means, with respect to any Loan denominated in Dollars, if the then-current Benchmark is the LIBO Rate, the occurrence of:

  • Form of Election has the meaning assigned in Section 3.3(b).

  • Cash Election shall have the meaning set forth in Section 3.2.2.

  • Mixed Election has the meaning set forth in Section 3.01(b)(iii).