Eligible Basis definition

Eligible Basis has the meaning given to it in Section 42(d) of the Code.

Eligible Basis means the depreciable basis of residential rental housing eligible for Tax Credits.

Eligible Basis means the sum of the eligible cost elements that are subject to depreciation, such as expenditures for new construction, rehabilitation and building acquisition.

Examples of Eligible Basis in a sentence

• A Qualified Low-income Building which is financed with the proceeds of tax-exempt bonds subject to the State volume cap on such bonds qualifies for the Credit on the portion of the Eligible Basis of the building financed with such bond proceeds without an allocation from the State Ceiling.

• The calculation of the amount of Credit will be based on 130% of Eligible Basis for Projects located in Qualified Census Tracts, and Difficult To Develop Areas and other areas designated by MaineHousing pursuant to Section 42(d)(5)(B)(v) of the Code.

• The Eligible Basis and Qualified Basis of each Qualified Low-income Building at the end of the first year of the Credit Period.

• The character and use of the nonresidential portion of a Qualified Low- income Building included in the Qualified Low-income Building’s Eligible Basis (for example, tenant facilities that are available on a comparable basis to all tenants and for which no separate fee is charged for use of the facilities or facilities reasonably required by the Project).

• If 50% or more of the Eligible Basis of a Qualified Low-income Building is financed with the proceeds of tax-exempt bonds subject to the state volume cap on such bonds, all of the Eligible Basis of the Building qualifies for the Credit without an allocation from the State Ceiling.

More Definitions of Eligible Basis

Eligible Basis means eligible basis as defined in Section 42(d) of the Code.

Eligible Basis means generally the depreciable basis in the property.

Eligible Basis means the depreciable basis of residential rental housing eligible for Tax Credits. “Eligible Basis Analysis” means the analysis described in Section 7.2A.

Eligible Basis means the eligible basis as defined in Section 42(d) of the Code.

Eligible Basis means the adjusted basis of the Apartment Development as determined by Section 42(d) of the Code.

Eligible Basis means, with respect to a building within a Project, the building's Eligible Basis at the close of the first taxable year of the Tax Credit Period and as further defined in IRC Section 42(d). 24.1 Eligible Basis shall not include garages or storage units or other amenities where the Ownership Entity is charging tenants for the use of the garage or storage unit or other amenities, except when the garage or storage units or other amenities are part of normal rent for all of the units in the Project.24.2 If a grant is made with respect to any building or its operation during any taxable year of the Compliance Period and any portions of such grant is funded with federal funds, the Eligible Basis of the building for that taxable year and all succeeding taxable years must be reduced by the portion of the grant.

Eligible Basis means the eligible basis of the Project allowable under Section 42(d)(1) of the Code and that the Partnership will use in calculating the eligible basis of the Partnership in the Project for purposes of Section 42 of the Code.