Tax cap definition

Tax cap means a maximum taxable transaction.
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Tax cap means, at any time, an amount equal to the excess, if any, of (a) the Effective Tax Rate multiplied by the sum of (i) the cumulative taxable income (or loss) of the Company for all Tax Years ending after the Effective Date and before the most recent Calculation Date (but excluding any income (or loss) occurring prior to the Effective Date) plus (ii) the Estimated Taxable Income, over (b) the sum of all payments and distributions by the Company after the Effective Date on account of Section 4.03(g)(A)(2); provided that the Tax Cap may be increased to the extent necessary to provide for reasonable estimates of any corporate alternative minimum tax attributable to the inability to utilize losses from prior years.
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Tax cap shall have the meaning set forth in Section 8.2(c).
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Examples of Tax cap in a sentence

  • In Wales the Welsh Government must define any Council Tax cap, at the time of writing this report, they have not done so.

  • The Council Tax cap, currently 2%, means that any local authority in England that wishes to raise council tax by more than 2% above the previous year must consult the public in a referendum.

  • Local Government Article of the Annotated Code of Maryland to increase the St. Mary’s County Public Accommodations Tax cap (requested by Commissioner President Randy Guy).

  • Tax cap filing: Ed reported he has filed the electronic form with New York State.

  • Half the members of the Committee, including the Chair, had outstanding concerns about whether increasing Council tax by the full 15% was the only option, especially when other local authorities given permission to exceed the Council Tax cap would not be setting rates this high.

  • He found that:[I]n years when the PURA Tax cap is exceeded, e.g. every year to date, a utility’s tax burden is dependent more on its proportional share of tax payments, considering the rest of the utilities, than it is on changes in its own kWh deliveries.

  • Tax cap legislation is set to renew and will challenge the District’s levy abilities.

  • There are no changes proposed to this tax cap or to the £50,000 tax cap introduced from 1 January 2016 for residents of Alderney, provided that they have never previously claimed the Income Tax cap, and available for an initial period of ten years.

  • The tax levy increase of 3.42% is below the NYS Property Tax cap limit for 2021-22.

  • The current economic climate, current low levels of inflation, public expectations and the anticipated impact of Government pronouncements lead us to believe that Government may impose a Council Tax cap below the 5% level and perhaps as low as 2%.


More Definitions of Tax cap

Tax cap has the meaning specified in Section 7.5(a)(ii).
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Tax cap. See Section 10.1(b);
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Tax cap has the meaning assigned in Section 10.5(c).
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Tax cap has the meaning set forth in Section 7.2(c)(iv).
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Related to Tax cap

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

  • Transaction Payroll Taxes means the employer portion of any payroll or employment Taxes incurred or accrued with respect to any bonuses, option exercises or other compensatory payments in connection with the Contemplated Transactions to the extent the foregoing are paid on or about or prior to the Closing Date.

  • Tax means any present or future tax, levy, impost, duty, charge, assessment or fee of any nature (including interest, penalties and additions thereto) that is imposed by any government or other taxing authority in respect of any payment under this Agreement other than a stamp, registration, documentation or similar tax.

  • 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).

  • Book-Tax Disparity means with respect to any item of Contributed Property or Adjusted Property, as of the date of any determination, the difference between the Carrying Value of such Contributed Property or Adjusted Property and the adjusted basis thereof for federal income tax purposes as of such date. A Partner’s share of the Partnership’s Book-Tax Disparities in all of its Contributed Property and Adjusted Property will be reflected by the difference between such Partner’s Capital Account balance as maintained pursuant to Section 5.5 and the hypothetical balance of such Partner’s Capital Account computed as if it had been maintained strictly in accordance with federal income tax accounting principles.

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

  • After Tax Amount means the amount of the Aggregate Payments less all federal, state, and local income, excise and employment taxes imposed on the Executive as a result of the Executive’s receipt of the Aggregate Payments. For purposes of determining the After Tax Amount, the Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in which the determination is to be made, and state and local income taxes at the highest marginal rates of individual taxation in each applicable state and locality, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes.

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

  • Tax Limitation Amount means the maximum amount which may be placed as the Appraised Value on the Applicant’s Qualified Property for maintenance and operations tax assessment in each Tax Year of the Tax Limitation Period of this Agreement pursuant to Section 313.054 of the TEXAS TAX CODE.

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

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

  • Tax Cost means any increase in Tax payments otherwise required to be made to a Taxing Authority (or any reduction in any refund otherwise receivable from any Taxing Authority).

  • Tax Detriment means any increase in Taxes paid or payable, any decrease in any Tax attribute or any other adverse Tax consequence.

  • 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.