Incremental Income Tax means the total amount withheld
Incremental Income Tax means the total amount withheld during the taxable year from the compensation of New Employees and, if applicable, Retained Employees under Article 7 of the Illinois Income Tax Act (35 ILCS 5/101, et seq.) arising from employment at the Project during the Taxable Year, as reflected on the IRS forms W-2 for each New Employee and Retained Employee.
Incremental Income Tax means the total amount
Examples of Incremental Income Tax in a sentence
The Company’s election to apply the portion of the Credit based on Incremental Income Tax attributable to New or Retained Employees toward its Income Taxes or withholding obligations is irrevocable and shall be made in the manner prescribed by the Illinois Department of Revenue by January 1, 2025.
By way of example, if the Company commits to the creation of 50 new full-time jobs under Section IV.C(i), the maximum number of New Employees for the purposes of calculating the Incremental Income Tax and the annual Credit would be 100 New Employees.
If known as of the Effective Date, the Company makes the following election with respect to the portion of the Credit based on Incremental Income Tax attributable to New or Retained Employees.
More Definitions of Incremental Income Tax
Incremental Income Tax is defined in Section 3.16.
Incremental Income Tax means the total amount withheld during the taxable year from the compensation of High Impact Business construction job employees.
Incremental Income Tax means the total amount withheld during the taxable year from the compensation of New Employees and, if applicable, Retained Employees under Article 7 of the Illinois Income Tax Act arising from employment at incremental payroll attributable to a project that is the subject of an Agreement. [35 ILCS 10/5-5]
Incremental Income Tax means the total amount withheld during the taxable year from the compensation of River Edge Construction Jobs Employees.
Incremental Income Tax means the total amount withheld during the taxable year from the compensation of Enterprise Zone construction jobs credit employees.
Incremental Income Tax means the incremental payroll attributable to a project that is the subject of an Agreement.
Incremental Income Tax means the total amount withheld from the compensation of new employees under Article 7 of the Illinois Income Tax Act arising from employment by an eligible employer.