Tax Limitations definition

Tax Limitations means Code sections 401(a), 415, 402(g), or 401(a)(17) to the extent such Code sections limit the benefits that may be provided to certain Participants under the Savings Plan and the Savings Plan provisions and administrative procedures adopted by the Plan Administrator to ensure compliance of the Savings Plan with such Code sections.

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Tax Limitations means Code sections identified in Section 1.1 and the Savings Plan provisions and administrative procedures adopted by the Plan Administrator to ensure compliance of the Savings Plan with such Code sections.

Tax Limitations means Code sections identified in Section

Examples of Tax Limitations in a sentence

In any Tax Year in which the annual payment limitation under Section 7.1, below, applies (or, if such Tax Year is not within the Tax Limitation Period, the limitation under Section 7.1 would have applied as if such Tax Year had been within the Tax Limitations Period), the Supplemental Payment amount shall accrue and roll forward to the subsequent Tax Year until paid.
The Tax Limitations Period for the Agreement should commence on January 1, 2017, which is January 1 of the first tax year that begins after the Qualifying Time Period.
Beginning with the first Tax Year of the Tax Limitations Period (Tax Year 2022) and ending the third tax year after the Limitation expires (Tax Year 2034), the District shall receive Supplemental Payments on in the dates set forth on the following schedule: 1.
The provisions of Part 4 of Schedule 6 (the “Tax Limitations”) shall apply to extinguish, reduce or mitigate any Claim for breach of the Tax Warranties as if they were set out in full in this Schedule with appropriate changes and, in the event that the provisions of this Schedule 5 in relation to the Tax Warranties conflict with any of the Tax Limitations, the Tax Limitations shall prevail.

More Definitions of Tax Limitations

Tax Limitations means (i) the limits on annual additions under section 415 of the Code, including the limitation set forth in section 415(c)(6) of the Code applicable to employee stock ownership plans and the combined limits set forth in section 415(e) of the Code, (ii) with respect to Highly Compensated Participants only, the limitation on compensation under section 401(a)(17) of the Code, and/or (iii) the limitations imposed by section 401(a)(4) of the Code.

Related to Tax Limitations

Tax Limitation Period means the Tax Years for which the Applicant’s Qualified Property is subject to the Tax Limitation Amount and as further identified in Section 2.3.D of this Agreement.
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.
Deduction Limitation means the following described limitation on a benefit that may otherwise be distributable pursuant to the provisions of this Plan. Except as otherwise provided, this limitation shall be applied to all distributions that are "subject to the Deduction Limitation" under this Plan. If an Employer determines in good faith prior to a Change in Control that there is a reasonable likelihood that any compensation paid to a Participant for a taxable year of the Employer would not be deductible by the Employer solely by reason of the limitation under Code Section 162(m), then to the extent deemed necessary by the Employer to ensure that the entire amount of any distribution to the Participant pursuant to this Plan prior to the Change in Control is deductible, the Employer may defer all or any portion of a distribution under this Plan. Any amounts deferred pursuant to this limitation shall continue to be credited/debited with additional amounts in accordance with Section 3.6 below, even if such amount is being paid out in installments. The amounts so deferred and amounts credited thereon shall be distributed to the Participant or his or her Beneficiary (in the event of the Participant's death) at the earliest possible date, as determined by the Employer in good faith, on which the deductibility of compensation paid or payable to the Participant for the taxable year of the Employer during which the distribution is made will not be limited by Section 162(m), or if earlier, the effective date of a Change in Control. Notwithstanding anything to the contrary in this Plan, the Deduction Limitation shall not apply to any distributions made after a Change in Control.
Employee Contributions are contributions made by a Participant on an after-tax basis, whether voluntary or mandatory, and designated, at the time of contribution, as an employee (or nondeductible) contribution. Elective deferrals and deferral contributions are not employee contributions. Participant nondeductible contributions, made pursuant to Section 4.01 of the Plan, are employee contributions.
After-Tax Contributions means amounts withheld from an Employee’s Compensation pursuant to a Salary Reduction Agreement after all applicable state and federal taxes have been deducted. Such amounts are withheld for purposes of purchasing one or more of the Benefit Package Options available under the Plan.