Federal Tax Credits Sample Clauses

Federal Tax Credits. Contractor shall cooperate with Owner to optimize Owner’s ability to claim Investment Tax Credits applicable to the Project, including providing any information necessary for Owner to receive such credits, such as reporting and itemization requirements with respect to qualified property or otherwise.
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Federal Tax Credits. Any federal Tax Credits allowable in the computation of Consolidated Federal Tax shall be allocated to those Members whose activities generated the federal Tax Credits utilizing the ordering rules of Code Section 38 or any successor statute. Each Member whose federal Tax Credits were utilized on the Consolidated Federal Return shall receive the amount by which Members with Federal Taxable Income have had their allocable portion of the Consolidated Federal Tax reduced as a result of such federal Tax Credit or, if applicable, the carryover of such federal Tax Credit.
Sample 1
Federal Tax Credits. The City and XXX intend to explore claiming federal historic rehabilitation tax credits for the SAAM renovation project. In order for the SAAM renovation project to be eligible for such credits or to maximize the value generated by such credits, it may be appropriate for the City to convey ownership of the SAAM building to a tax credit entity (“Tax Credit Entity”). If the Parties concur that such conveyance is necessary or sufficiently important to warrant conveyance of the SAAM building, then such conveyance will be accomplished by a ground lease from the City to XXX and conveyance of the SAAM building from the City to the Tax Credit Entity. Such conveyance will be by quit claim deed, which, in addition to conveying ownership of the building, will restrict its use to museum and related purposes. It is the intent of the parties that upon the expiration of the ground lease ownership of the SAAM building will revert to the City. In the event the Parties conclude sufficient value can be realized from tax credits without conveyance of the building, XXX chooses not to pursue tax credits, or XXX is unable to secure a commitment from a tax credit investor on reasonably acceptable terms, the City and XXX will execute a lease for the SAAM building and land.
Sample 1
Federal Tax Credits. In respect of the Federal Tax Credit: (i) any branch of the Canadian federal government, including the CRA or CAVCO, announces that the Federal Tax Credit (x) is no longer available, (y) is only available at a percentage of labour expenditures less than the current percentage or (z) refuses to issue Borrower any certificate necessary for Borrower to claim the Federal Tax Credit, such as a Part B Certificate; or (ii) Borrower incurs or is otherwise subject to any tax liability that will have the effect of making the actual proceeds of the Federal Tax Credit less than the estimated proceeds of the Federal Tax Credit set out in the Tax Credit Estimate, unless waived by Bank;
Sample 1

Related to Federal Tax Credits

  • FOREIGN TAX CREDITS AVIF agrees to consult in advance with LIFE COMPANY concerning any decision to elect or not to elect pursuant to Section 853 of the Code to pass through the benefit of any foreign tax credits to its shareholders.

  • Tax Credits A Creditor Party which receives for its own account a repayment or credit in respect of tax on account of which the Borrowers have made an increased payment under Clause 23.2 shall pay to the Borrowers a sum equal to the proportion of the repayment or credit which that Creditor Party allocates to the amount due from the Borrowers in respect of which the Borrowers made the increased payment, provided that:

  • Federal Tax Treatment Notwithstanding anything to the contrary contained in this Agreement or any document delivered herewith, all persons may disclose to any and all persons, without limitation of any kind, the federal income tax treatment of the Notes, any fact relevant to understanding the federal tax treatment of the Notes, and all materials of any kind (including opinions or other tax analyses) relating to such federal tax treatment.

  • Federal Tax Status Commencing with its taxable year ended December 31, 2013, the Company has been organized and operated in conformity with the requirements for qualification and taxation as a real estate investment trust (a “REIT”) under the Code, and will continue to operate in a manner that will enable it to meet the requirements for qualification and taxation as a REIT under the Code for its taxable year ending December 31, 2019 and thereafter. All statements regarding the Company’s qualification and taxation as a REIT and descriptions of the Company’s organization and current and proposed method of operation (inasmuch as they relate to the Company’s qualification and taxation as a REIT) set forth in the Registration Statement and the Prospectus are accurate and fair summaries of the legal or tax matters described therein in all material respects. Each of the Company’s direct or indirect corporate subsidiaries will qualify as a “taxable REIT subsidiary” within the meaning of Section 856(l) of the Code. The Operating Partnership will be treated as a partnership and not as an association taxable as a corporation for U.S. federal income tax purposes.

  • Federal Income Tax Elections The Member shall make all elections for federal income tax purposes.

  • Federal Income Tax Allocations Net income of the Trust for any month as determined for federal income tax purposes (and each item of income, gain, loss and deduction entering into the computation thereof) during which the beneficial ownership interests in the Trust are held by more than one Person shall be allocated:

  • Carrybacks (a) The carryback of any loss, credit or other Tax Attribute from any Post-Closing Period shall be in accordance with the provisions of the Code and Treasury Regulations (and any applicable state, local or foreign Laws).

  • Federal Tax Opinion FNB shall have received the opinion of its tax counsel, Xxxx Xxxxx LLP, in form and substance reasonably satisfactory to FNB, dated the Closing Date, to the effect that, on the basis of facts, representations and assumptions set forth in such opinion, the Merger will qualify for the Intended Tax Treatment. In rendering such opinion, counsel may require and rely upon representations contained in Tax Representation Letters executed by officers of MBI and FNB.

  • Income Tax Characterization For purposes of federal income, state and local income and franchise and any other income taxes, the Issuer will, and each Noteholder by such Noteholder’s acceptance of any such Notes (and each Person who acquires an interest in any Notes through such Noteholder, by the acceptance by such Person of an interest in the applicable Notes) agrees to, treat the Notes that are characterized as indebtedness at the time of their issuance, and hereby instructs the Issuer to treat such Notes, as indebtedness for federal, state and other tax reporting purposes. Each Noteholder agrees that it will cause any Person acquiring an interest in a Note through it to comply with this Indenture as to treatment as indebtedness under applicable tax law, as described in this Section 3.21. The Notes will be issued with the intention that, for federal, state and local income and franchise tax purposes the Trust shall not be treated as an association or publicly traded partnership taxable as a corporation. The parties hereto agree that they shall not cause or permit the making, as applicable, of any election under Treasury Regulation Section 301.7701-3 (or any successor provision) whereby the Trust or any portion thereof would be treated as a corporation for federal income tax purposes. The provisions of this Indenture shall be construed in furtherance of the foregoing intended tax treatment.

  • Federal Income Tax Matters The Certificateholders acknowledge that it is their intent and that they understand it is the intent of the Depositor and the Servicer that, for purposes of federal income, State and local income and franchise tax and any other income taxes, the Trust will be treated either as a disregarded entity under Treasury Regulation Section 301.7701-3 or as a partnership, and that the Certificateholders will be treated as partners in that partnership. The Certificateholders by acceptance of a Certificate agree to such treatment and agree to take no action inconsistent with such treatment. For each calendar quarter, other than periods in which there is only one Certificateholder:

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