Tax Benefit definition

Tax Benefit means a reduction in the Tax liability of a taxpayer (or of the affiliated group of which it is a member) for any taxable period. Except as otherwise provided in this Agreement, a Tax Benefit shall be deemed to have been realized or received from a Tax Item in a taxable period only if and to the extent that the Tax liability of the taxpayer (or of the affiliated group of which it is a member) for such period, after taking into account the effect of the Tax Item on the Tax liability of such taxpayer in the current period and all prior periods, is less than it would have been if such Tax liability were determined without regard to such Tax Item.
Tax Benefit means the net operating loss carryovers, capital loss carryovers, general business credit carryovers, alternative minimum tax credit carryovers and foreign tax credit carryovers, as well as any loss or deduction attributable to a “net unrealized built-in loss” within the meaning of Section 382, of the Corporation or any direct or indirect subsidiary thereof.
Tax Benefit shall have the meaning provided in Section 4.04(c).

Examples of Tax Benefit in a sentence

  • To provide a more complete picture of DWP responsibility, statistics on Housing Benefit and Council Tax Benefit (administered by Local Authorities) and the Child Support Agency are also included.

  • The Summary is published monthly, containing National Statistics on Housing Benefit and Council Tax Benefit together with Official Statistics giving early estimates of inactive benefit caseloads.

  • The impact of this standard update on our consolidated financial statements will be based on any future activity that qualifies within this guidance.In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss or a Tax Credit Carryforward Exists.

  • Publications contain information on the take-up of the main income-related benefits in Great Britain: Income Support, Pension Credit, Housing Benefit, Council Tax Benefit, Employment and Support Allowance (income related) and Jobseeker’s Allowance (income based).

  • Potential Tax Benefit for CommissionersAt the Winter Meeting, the idea of a potential tax benefit for Commissioners was suggested.

More Definitions of Tax Benefit

Tax Benefit means any refund, credit or other reduction in otherwise required Tax payments.
Tax Benefit means the Tax effect of any item of loss, deduction or credit or any other item (including increases in Tax basis) which decreases Taxes paid or required to be paid, including any interest with respect thereto or interest that would have been payable but for such item.
Tax Benefit means the sum of the amount by which the Tax liability (after giving effect to any alternative minimum or similar Tax) of a corporation or group of affiliated corporations to the appropriate taxing authority is reduced (including, without limitation, by deduction, entitlement to refund, credit or otherwise, whether available in the current taxable year, as an adjustment to taxable income in any other taxable year or as a carryforward or carryback, as applicable) plus any interest from such government or jurisdiction relating to such Tax liability.
Tax Benefit means, with respect to a Loss, an amount by which the Tax liability of a Person (or group of Persons filing a Tax Return that includes such Person) is reduced as a result of such Loss or the amount of any Tax refund or Tax credit that is generated (including, by deduction, loss, credit or otherwise) as a result of such Loss, and any related interest received from any relevant Tax Authority; provided, however, in each case, only the reasonable present value of any Tax Benefit shall be considered with respect to a Loss.
Tax Benefit means the present value of any refund, credit or reduction in otherwise required Tax payments, including any interest payable thereon, which present value shall be computed as of the first date on which the right to the refund, credit or other Tax reduction arises or otherwise becomes available to be utilized, (i) using the Tax rate applicable to the highest level of income with respect to such Tax and (ii) using the interest rate on such date imposed on corporate deficiencies paid within thirty (30) days of notice of proposed deficiency under the Internal Revenue Code of 1986, as amended.
Tax Benefit means any refund, credit, or other item that causes reduction in otherwise required liability for Taxes.
Tax Benefit means any refund, credit, or other reduction in otherwise required liability for Taxes.