Margin Tax definition
Margin Tax means the Texas Franchise Tax imposed pursuant to Chapter 171, Subtitle F, Title 2 of the Texas Tax Code and the rules and regulations promulgated thereunder.
Margin Tax means taxes levied pursuant to House ▇▇▇▇ 3 as signed into law on May 18, 2006, and any amendments or supplements thereto. The Tenant’s Share of Margin Tax, or any other taxes based on revenue or income of Landlord derived solely from the Property and levied in lieu of real estate taxes, shall not exceed Tenant’s proportionate share of such taxes determined by a percentage, the numerator of which is the aggregate amount of rent paid by Tenant to Landlord under this Lease, and the denominator of which is the gross revenue of Landlord from the Building. Without limitation, Taxes shall not include any federal or state tax imposed on or measured by the income of Landlord from the operation of the Property; capital levy, franchise, capital stock, gift, estate or inheritance tax; or personal property taxes of Landlord or other tenants (other than taxes levied for personal property that is owned by Landlord and used solely in connection with the operation, maintenance and repair of the Property). If an assessment is payable in installments, Taxes for the year shall include the amount of the installment for the current year. For all other real estate taxes, Taxes for that year shall, at Landlord’s election, include either the amount accrued, assessed or otherwise imposed for the year or the amount due and payable for that year, provided that Landlord’s election shall be applied consistently throughout the Term. For the purpose of calculating Operating Costs, (i) Taxes (including the Margin Tax) will be calculated based on a completely assessed and 95% occupied building; and (ii) Margin Taxes will be calculated based on a 95% occupied building assuming that the tenants in the building are paying then current market rental rates. Notwithstanding the foregoing to the contrary, Tenant shall not pay more than Tenant’s Share of actual Operating Expenses for the calendar year.
Margin Tax means any taxes imposed under Chapter 171 of the Texas Tax Code, as the same may be amended or modified from time to time, and together with any binding rules or regulations promulgated from time to time by the Comptroller of the State of Texas or other governmental body in connection with Chapter 171 of the Texas Tax Code. Notwithstanding anything above to the contrary, if at any time during the Term, the present method of taxation or assessment shall be so changed that the whole or any part of the taxes, assessments, levies, impositions or charges now levied, assessed or imposed on real estate and the improvements thereof shall be changed and as a substitute therefor, or in lieu of or in addition thereto, taxes, assessments, levies, impositions or charges shall be levied, assessed, or imposed wholly or partially as a capital levy or otherwise on the rents received from the Project or the Rent reserved herein or any part thereof, then such substitute or additional taxes, assessments, levies, impositions or charges to the extent so levied, assessed, or imposed, shall be deemed to be included within the Operating Expenses to the extent that such substitute or additional tax would be payable if the Project were the only property of Landlord subject to such tax. It is agreed that Tenant will be responsible for ad valorem taxes on its personal property and on the value of the leasehold improvements in the Premises to the extent that the same exceed building standard build-out (as provided in Section 4.4.1 below) (and if the taxing authorities do not separately assess Tenant’s leasehold improvements, Landlord may make a reasonable allocation of the ad valorem taxes allocated to the Project to give effect to this sentence). For purposes of this Lease, Taxes shall be calculated as if (i) the tenant improvements in the Building, the Other Existing Building and any additional buildings added to the Project pursuant to Section 1.1.3 above (but only during the period of time that such Other Existing Building and additional buildings are included by Landlord within the Project) were fully constructed, and (ii) the Project, the Building, such Other Existing Building and such additional buildings (if any) and all tenant improvements therein were fully assessed for real estate tax purposes.
Examples of Margin Tax in a sentence
Notwithstanding anything to the contrary contained herein, nothing in this Trust Agreement should be read to imply that the Trust is doing business in Texas or has sufficient nexus with Texas in order for the Margin Tax to apply to the Trust.
If it is determined that, contrary to the intent of the parties hereto and the position of the Certificateholder, the Trust has “gross receipts” for purposes of the Margin Tax, it is the intention of the parties hereto that the Trust be treated as a “passive entity” for purposes of the Margin Tax, formed to hold assets to facilitate securitization transactions in a manner similar to grantor trusts and real estate mortgage investment conduits as defined by Section 860D of the Code.
More Definitions of Margin Tax
Margin Tax means any taxes imposed under Chapter 171 of the Texas Tax Code, as the same may be amended or modified from time to time, and together with any binding rules or regulations promulgated from time to time by the Comptroller of the State of Texas or other governmental body in connection with Chapter 171 of the Texas Tax Code. Tenant shall use commercially reasonable efforts to obtain a consent and/or acknowledgement to the sale of the Premises to Landlord (which sale does not include an assignment of the Cooperative Agreement) from Lake County Port Authority, City of Mentor, Ohio and Lake County Communities Energy Special Improvement District within thirty (30) days after the Commencement Date.