Tax Incentive Program definition

Tax Incentive Program means any city, county or state tax abatement or reduction program pursuant to which a Person transfers property to an industrial development authority or other governmental or quasi-governmental entity for the principal purpose of obtaining a full or partial abatement or reduction in real and/or personal property taxes.

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Tax Incentive Program means any city, county or state tax abatement or reduction program pursuant to which the Borrower or any Restricted Subsidiary transfers its interest in or title to certain personal or real property to a development authority or other governmental or quasi-governmental entity for the principal purpose of obtaining a full or partial abatement or reduction in real and/or personal property taxes, it being understood and agreed that so long as title to such property is not held by the Borrower or a Restricted Subsidiary, the property shall be accounted for as an asset of the Borrower or a Restricted Subsidiary in accordance with GAAP; provided, that, in connection with any Tax Incentive Program, (i) the Borrower or applicable Restricted Subsidiary shall lease the personal or real property subject to such Tax Incentive Program back from such development authority or other governmental entity or quasi-governmental authority and maintain an option to repurchase such real or personal property for a nominal sum, and (ii) any transfer of personal or real property by the Borrower or applicable Restricted Subsidiary that at the time of such transfer is subject to any Lien in favor of the Collateral Agent securing the Obligations shall be made such that such Lien remains in effect, and the applicable governmental or quasi-governmental entity shall have acknowledged such Lien (a copy of which acknowledgment shall have been delivered to the Administrative Agent promptly following any such transfer).

Tax Incentive Program means (i) the Payment in Lieu of Taxes Program sponsored by the Industrial Development Board ("IDB") of the City of Jackson, Tennessee pursuant to which JR Flexible (and after the Acquisition if approval is granted by the IDB, the Company) (a) transfers to the IDB real property and equipment associated with the Jackson, Tennessee operations in return for a non-interest bearing promissory note from the IDB, which promissory note represents the fair market value of the real property and equipment so transferred, (b) JR Flexible or the Company, as applicable, pays a fee in lieu of taxes to the IDB that is less than the taxes that it would otherwise pay if it were not participating in such Payment in Lieu of Taxes Program and (c) the IDB leases such real property and equipment back to JR Flexible or the Company, as applicable, pursuant to a lease that has no interest component and (ii) any other program sponsored by state or local governments, authorities or political subdivisions that is materially similar to the Payment in Lieu of Taxes Program and is equally beneficial from the Holders' perspective.

Examples of Tax Incentive Program in a sentence

The Company has not received or been granted any tax rulings by any Israeli governmental or regulatory authority, including with respect to any “Approved Enterprise,” “Benefited Enterprise,” “Preferred Enterprise,” “Preferred Technology Enterprise” or “Special Preferred Technology Enterprise” status or benefits (collectively, “Tax Incentive Program”) and by Israeli laws and regulations and has not made any claims for tax benefits relating to any Tax Incentive Program.
Should any portion of the Services and Deliverables performed by Consultant be eligible for the Scientific Research and Experimental Development Tax Incentive Program (as such program is defined by the Canada Revenue Agency) or any other equivalent tax credit or grant program which may be awarded in Canada, Consultant retains the exclusive right to claim such incentive, tax credit or grant.
Payments or arrangements pursuant to a Tax Incentive Program shall not constitute sale and leaseback transactions.
Transactions or payments pursuant to the Tax Incentive Program shall not be considered sale and leaseback transactions hereunder.
To the extent that participation in any Tax Incentive Program is approved after the date of this Lease, the Real Estate Taxes shall be adjusted equitably to reflect any tax savings obtained by Landlord in connection with such program.
All information supplied by the Company or any of its subsidiaries with respect to applications or notifications relating to any Tax Incentive Program (including in connection with any Ruling) true, correct and complete in all material respects when supplied to the appropriate authorities.
The applicant completes and submits an executed Tax Incentive Program Agreement to the Town of Wallingford Economic Development Commission.
The Town may apply to the provincial Brownfields Financial Tax Incentive Program, on behalf of the owner, to cancel or freeze all or a portion of the education component of property taxes.
The Tenant acknowledges that the Landlord has applied to the City of Victoria for an exemption in respect of Taxes for up to [redacted]pursuant to the City’s Tax Incentive Program for heritage designated commercial buildings (the “Tax Exemption”).
PROGRAM It is hereby understood that the Seller, as developer as Twenty Mile Village, is in the process of making application to the Town of ▇▇▇▇▇▇ to participate in their Enchanted Sales Tax Incentive Program (▇▇▇▇▇).

More Definitions of Tax Incentive Program

Tax Incentive Program is defined in Section 4.14(r).

Tax Incentive Program shall have the meaning ascribed to such term in Section 3(ww).

Tax Incentive Program means the Payment in Lieu of Taxes Program sponsored by the Industrial Development Board ("IDB") of the City of Jackson, Tennessee, pursuant to which (a) real property and equipment associated with the Jackson, Tennessee, operations are transferred (or were transferred by Jame▇ ▇▇▇er or an Affiliate thereof prior to the Closing Date) to the IDB in exchange for a non-interest bearing promissory note in an original amount equal to the fair market value of the property so transferred, (b) the IDB leases such transferred property to the Borrower pursuant to a lease having no interest component and providing for rental payments that match the payment terms of the related promissory note, and (c) the Borrower pays a fee to the IDB that is substantially less than the property taxes that it would otherwise pay if it were not participating in such Payment in Lieu of Taxes Program.

Tax Incentive Program means the Payment in Lieu of Taxes Program sponsored by the Industrial Development Board ("IDB") of the City of Jackson, Tennessee, pursuant to which (a) real property and equipment associated with the Jackson, Tennessee, operations are transferred to the IDB in exchange for a non-interest bearing promissory note in an original amount equal to the fair market value of the property so transferred, (b) the IDB leases such transferred property to the Borrower pursuant to a lease having no interest component and providing for rental payments that match the payment terms of the related promissory note, and (c) the Borrower pays a fee to the IDB that is substantially less than the property taxes that it would otherwise pay if it were not participating in such Payment in Lieu of Taxes Program.

Tax Incentive Program is defined in Section 3.14(r).