Maximum Tax Rate definition
Maximum Tax Rate means, with respect to any period, a percentage (expressed as a decimal) equal to the maximum annual income tax rate on ordinary income of a natural person subject at such time to Federal, New York State, and New York City income taxes, determined in respect of the last day of such period.
Maximum Tax Rate means the highest combined effective maximum tax rate in effect from time to time with respect to any Partner (based on the assumption that individual rates apply to such Partner) for federal, state and local income tax purposes, computed by taking into account the tax savings resulting from the deductibility of state and local income taxes to the extent permitted for federal purposes and taking into account the tax on self-employment income (also based on the assumption that each Member is an individual taxpayer). The Maximum Tax Rate shall be computed by the Partnership's accountants at the Borrowing Partners' expense whenever the Maximum Tax Rate needs to be determined under Section 3.
Maximum Tax Rate for a particular Adjustment Period means the maximum federal income tax rate applicable to individuals under Section 1 of the Code for each such tax year, plus the rate of tax imposed under Section 1411 of the Code for such year.
Examples of Maximum Tax Rate in a sentence
Fiscal Year Preliminary Estimate of Maximum Tax Rate per $1,000 of Value (land only) 2012/13 3.33 2013/14 3.40 For years after 2013/14, the special tax rate will continue to increase by 2% per year through the term of the special tax.
The amount distributable pursuant to this Section 5.2 shall be determined in the Board’s discretion, based on the Maximum Tax Rate and the amounts allocated to the Members, and otherwise based on such reasonable assumptions as the Board determines.
More Definitions of Maximum Tax Rate
Maximum Tax Rate means the highest stated tax rate applicable to any Limited Partner for federal and state income tax purposes.
Maximum Tax Rate means, for a particular taxable year, the sum of the highest marginal U.S. federal income tax rate, the highest marginal U.S. state income tax rate and, where applicable, the highest marginal local income tax rate, in each case applicable to any shareholder (or partner, if Ahern Rentals becomes a partnership for U.S. federal income tax purposes) of Ahern Rentals, or such higher rate as may be determined by a Tax Accountant to take into account any additional pass-through liability of any shareholder (or partner) as a result of application of alternative minimum tax (“AMT”), calculated as though such shareholder (or partner) has no items of income, gain, loss, deduction or credit, other than items attributable to Ahern Rentals, has no available AMT exemption amount, and is taxed at the highest marginal AMT rate.
Maximum Tax Rate means the highest combined marginal federal, state, and local tax rates (taking into account character of income and any tax on “net investment income”) applicable at the time of the relevant determination for an individual or corporation (whichever is higher) resident in San Francisco, California (taking into account the deductibility of state and local income taxes for U.S. federal income tax purposes), as reasonably determined by the Borrowers.
Maximum Tax Rate means the maximum marginal federal, state and local income tax rate (taking into account the character of income) as determined by the Board in its sole discretion.