Definition of Initial Tax Year

Initial Tax Year means the first Tax Year during which the Grantees are entitled to an Ohio Income Tax Credit under the State Agreement.

Examples of Initial Tax Year in a sentence

Accordingly, on the Commencement Date, Tenant shall pay to Landlord a fractional amount of Tenant's Proportionate Share of the Real Estate Taxes for the Initial Tax Year as set forth on a tax statement provided by Landlord to Tenant on or before the Commencement Date.
The parties recognize that the Real Estate Taxes for the Corporate Park must be paid annually in advance and that, on the Commencement Date, Landlord will have already paid those taxes for the tax year then in effect (the "Initial Tax Year").
Such amount shall be determined by multiplying Tenant's Proportionate Share of such Real Estate Taxes for the entire Initial Tax Year by a fraction, the numerator of which shall be the 20 number of days remaining in the Initial Tax Year from and including the Commencement Date, and the denominator of which shall be 365.
No minimum Number of New Employees is a prerequisite to the City Income Tax Credit hereunder for the Initial Tax Year or the two Tax Years thereafter.