Examples of Income Taxes in a sentence
Each Party shall promptly notify the other Parties in writing upon receipt by the applicable Party or its Affiliates of notice of any Tax Proceeding that is with respect to Income Taxes or Income Tax Returns of Omnitracs or Omnitracs Holdings relating to any Pre-Closing Tax Period (each, an “Applicable Tax Proceeding”).
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.
The Revenue Requirement Component shall be the sum of National Grid’s (A) Return and Associated Income Taxes, (B) Transmission Related Real Estate Tax Expense, (C) Transmission Related Amortization of Investment Tax Credits, (D) Transmission Related Payroll Tax Expense, (E) Transmission Operation and Maintenance Expense, (F) Transmission Related Administrative and General Expenses, less (G) Revenue Credits, plus (H) Bad Debt Expense.
Pursuant to Section 211(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.D.
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, 2024 in the amount and for the duration set forth in Sections II.B through II.D.