Tax Incentives Clause Samples
The Tax Incentives clause outlines the terms under which one or both parties may benefit from tax-related advantages associated with the agreement. Typically, this clause specifies which party is entitled to claim available tax credits, deductions, or exemptions, and may require cooperation in providing necessary documentation or information to support such claims. Its core function is to ensure that the financial benefits of tax incentives are clearly allocated and that both parties understand their rights and obligations, thereby preventing disputes and maximizing the value derived from applicable tax laws.
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Tax Incentives. The Project shall receive an exemption of Twenty-Five Thousand Dollars per Unit ($25,000/unit) property tax exemption for a period of two (2) years provided the Project Operator meets the goals and conditions set forth in this Agreement.
Tax Incentives. Redeveloper, by entering into this Agreement, agrees and certifies to the City that Redeveloper 1) has not and does not intend to file an application with the Nebraska Department of Revenue to receive tax incentives under the Nebraska Advantage Act for a project located or to be located within the Redevelopment Project Area; 2) has not and does not intend to file an application requesting a refund of the city’s local option sales tax revenue; and 3) has not had any application to receive tax incentives under the Nebraska Advantage Act for a project located or to be located within the Redevelopment Project Area approved.
Tax Incentives. (a) Neither Developer nor any Affiliate of Developer will engage in any action or fail to take any action that would jeopardize the receipt by PacifiCorp or any of its Affiliates of any Renewable Energy Incentive, or the eligibility of the Project (or any property in the Project) for any other Tax benefit or incentive made available by a Governmental Authority.
(b) Developer shall cause all property (including all PTC Facilities) in the Project to be placed in service within the meaning of Section 45 of the Code no later than the end of the fourth calendar year after the date on which construction began.
Tax Incentives. Customers are encouraged to consult the Internal Revenue Service (See ▇▇▇.▇▇▇.▇▇▇), the NYS Department of Taxation and Finance (See ▇▇▇.▇▇▇.▇▇.▇▇▇) and with an accountant/tax adviser for details on eligibility for the credit provided in the law, regardless of whether the Builder/Contractor has provided information regarding the expected tax benefits (real property, federal or state tax incentives, or sales and use tax exemptions).
Tax Incentives. The Company is in material compliance with all terms and conditions of any Tax Incentive and, to the Knowledge of the Company, the consummation of the transactions contemplated by this Agreement will not have any adverse effect on the continued validity and effectiveness of any such Tax Incentive.
Tax Incentives. The Project shall receive a One Hundred Percent (100%) property tax exemption for a period of eight (8) years provided the Project Operator meets the goals and conditions set forth in this Agreement.
Tax Incentives. The Project shall receive a One Hundred Percent (100%) property tax exemption for a period of three (3) years provided the Project Operator meets the goals and conditions set forth in this Agreement. The term of exemption is based upon the new assessed building value as determined by the City Assessor upon completion of construction and is in accordance to the following schedule: New Building Taxable Value Full Time Equivalent (FTE) Jobs Minimum Created or Retained Term of Exemption $150,000 – 249,999 1 2 years $250,000 – 499,999 2 3 years $500,000 – 999,999 3 4 years
Tax Incentives. Each member of the Group has used its best efforts to obtain Tax incentives available in the jurisdiction of their operations (including Tax holidays) available to its industry or business sector or to the companies of its type.
Tax Incentives. (a) Landlord and Tenant acknowledge and agree that this Lease is expressly conditional upon Tenant receiving approval, on or before March 8, 2013 (the “PILOT Approval Deadline”), from the Metropolitan County Council of the Metropolitan Government of Nashville and Davidson County (“Metro Council”) and from the Industrial Development Board (the “IDB”) for a payment in lieu of taxes agreement (the “PILOT Agreement”), the economic effect of which will be to grant to Landlord, but for the benefit of Tenant, a real estate tax abatement of 100 % for years 1 and 2, and 60% for years 3 through 8. Tenant will use all diligent good faith efforts to obtain such approvals prior to the PILOT Approval Deadline; provided, however, that if such approvals have not been either granted or denied by the initial PILOT Approval Deadline, then Tenant may extend the PILOT Approval Deadline to March 15, 2013, by delivering written notice of such extension to Landlord on or prior to the initial PILOT Approval Deadline; in the event the PILOT Approval Deadline is so extended, then all of the relevant dates and deadlines applicable to the construction of the Project and set forth in this Lease or the Development Agreement shall be extended by a period of seven (7) days, except that the Commencement Date and the Initial Term Expiration Date shall not be so extended, and upon request of either party, both Landlord and Tenant shall execute amendments to this Lease and the Development Agreement to evidence the extension of such dates/deadlines. In the event that the Metro Council or the IDB fails to approve such PILOT Agreement, Tenant may terminate this Lease by delivering written notice of termination to Landlord on or before the PILOT Approval Deadline (as the same may be extended as set forth above) and by paying to Landlord with such notice the sum of $265,500.00 as a break-up fee for the right to so terminate this Lease. In the event Tenant does not terminate this Lease pursuant to this Section, Landlord and Tenant acknowledge and agree that Tenant’s termination right under this Section shall be deemed null and void and this Lease shall remain in full force and effect. Landlord hereby agrees to cooperate with Tenant in obtaining such PILOT Agreement.
(b) Any governmental and tax benefits which are finally realized in connection with the PILOT Agreement shall inure completely to the benefit of Tenant. Should such benefits be structured as direct benefits to Landlord, such benefits sh...
Tax Incentives. The Company and each of its subsidiaries is in compliance with all conditions and requirements stipulated under any applicable law and regulations and by any instruments of approval and tax rulings (the “Rulings”) granted to it with respect to any “Approved Enterprise,” “Benefited Enterprise,” or “Industrial Company” status or any of its facilities as well as with respect to any other tax benefits claimed or received by any of them, including any “Approved Enterprise,” “Preferred Enterprise,” “Preferred Technological Enterprise” or “Special Preferred Technological Enterprise” status or benefits (“Tax Incentive 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 when supplied to the appropriate authorities. Neither the Company nor any of its subsidiaries has received any written notice of any proceeding or investigation relating to annulment, revocation or modification of any of its current or past Tax Incentive Programs, or any such status or benefits, in each case. To the Company’s knowledge, no event has occurred, and no circumstance or condition exists, that would reasonably be expected to give rise to or serve as the basis for (i) the annulment, revocation, withdrawal, suspension, cancellation, recapture or modification of any Tax Incentive Program benefits, (ii) the imposition of any material limitation on any Tax Incentive Program benefits or (iii) a requirement that the Company return or refund any benefits provided under any Tax Incentive Program.