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

  • 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.

  • With an effective Council Tax cap of 2.0% it would not bepossible to make up this shortfall and reserves might have to be used to avoid reductions in services.

  • 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).

  • She stated that the proposed Budget includes a one cent ($.01) increase in the Real Property Tax rate above what is allowed under the current Real Property Tax cap as approved by county voters in November 2020, and a one-cent ($.01) educational supplement to support Talbot County Public Schools; the tax rate for unincorporated areas of the county is set at $.6820 per $100 of assessed value, an increase of 3.9 percent over the FY22 rate of $.6565.

  • Since this amount is greater than the Tax cap of $25,000, the cap amount is used for the next step in the calculation.$25,000 times ($20 Million divided by $200 Million) equals a Tax due of $2,500.

  • Average Real Property Tax Changes by County (LSA Estimates for 2015) Personal Property Pct of NAVTax Cap Pct of Levy *Represents the percentage increase of tax bill in the average county Tax cap credits as a percent of the levy provide a measure of how close taxpayers are to their tax caps.

  • Proration will almost always reduce the amount of Tax due if the total loan amount is equal to or less than $8,333,000 (the maximum loan amount which would result in a Tax due of less than $25,000 – the Tax cap).

  • Annual rent increase is not to exceed the CPI (U) or the New York State mandatory Tax cap and all not to exceed 2%.

  • Professional firm retained by Owner to assist Owner with the management of the Program, also referred to as Owner’s Representative or Construction Manager.

  • We will begin to plan for harder times ahead from a state funding standpoint once the state is no longer receiving federal stimulus funds. Tax cap – CPI is expected to be above 2%; Tax Base Growth Factor is expected to be well under 1%; we do not anticipate any ERS, TRS or capital exclusions. Contractual obligations – employment contracts are all in place for 2023-24, except the CSEA contract which is about to begin negotiations.


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 6.1(i).
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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;

  • Indemnity Cap has the meaning set forth in Section 9.2(b).

  • 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.

  • 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.

  • Tax means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same).

  • 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).

  • Tax roll means a permanent record of the taxes charged on property, as extended

  • Book-Tax Disparities 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 Exhibit B 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.

  • 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.

  • Tax Benefit Schedule is defined in Section 2.02 of this Agreement.

  • 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.

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

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

  • Tax Ruling as used in this Agreement, shall mean a written ruling of a taxing authority relating to Taxes. "Closing Agreement", as used in this Agreement, shall mean a written and legally binding agreement with a taxing authority relating to Taxes.

  • 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).

  • Net After Tax Amount means the amount of any Parachute Payments or Capped Payments, as applicable, net of taxes imposed under Code Sections 1, 3101 (b) and 4999 and any State or local income taxes applicable to the Executive on the date of payment. The determination of the Net After Tax Amount shall be made using the highest combined effective rate imposed by the foregoing taxes on income of the same character as the Parachute Payments or Capped Payments, as applicable, in effect on the date of payment.

  • Tax Distribution Amount means, with respect to a Member’s Units, whichever of the following applies with respect to the applicable Tax Distribution, in each case in amount not less than zero:

  • 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.

  • 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.

  • 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.

  • 280G Cap means an amount equal to 2.99 times Executive's "Base Period Income." This is the maximum amount which Executive may receive without becoming subject to the excise tax imposed by Section 4999 of the Code or which Company may pay without loss of deduction under Section 280G of the Code.