Taxable Year definition
Examples of Taxable Year in a sentence
The Credit is eligible for issuance in ten (10) consecutive Taxable Years, beginning with the earlier of the Taxable Year for which the Company applies for and is issued the Credit in accordance with Section VI.A of this Agreement or the Taxable Year containing the Benchmark Date (even if the Company has not achieved its commitments in Sections IV.B through IV.D).
The Project shall be Placed in Service by the Company, and the requirements of Sections IV.B through IV.D shall be met, by the end of the second full Taxable Year after the Effective Date.
The Department hereby awards, subject to the terms and conditions of this Agreement, a Credit for the Company against its Illinois State Income Taxes imposed for a Taxable Year on or after January 1, 2019 in the amount and for the duration set forth in Sections II.B through II.D.
The Company shall submit to the Illinois Department of Revenue a copy of the Director’s Certificate of Verification for each Taxable Year that the Company claims the Credit, provided that the failure to submit a copy of the Certificate with the Company’s annual return filed for Illinois State Income Taxes shall not invalidate a claim for a Credit.
Pursuant to Section 236(b)(4) of the Illinois Income Tax Act, the Company may carryforward any Unused Credit and apply it to its Illinois State Income Taxes imposed in the five (5) Taxable Years following the Taxable Year in which there is Unused Credit so long as the Company is in compliance with the terms and conditions of this Agreement, and subject to the limitations on the total amount of Credits for all Taxable Years, as set forth in Sections IV.B through IV.X.