Tax cap definition

Tax cap means a maximum taxable transaction.
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Tax cap means, at any time, an amount equal to the excess, if any, of (a) the Effective Tax Rate multiplied by the sum of (i) the cumulative taxable income (or loss) of the Company for all Tax Years ending after the Effective Date and before the most recent Calculation Date (but excluding any income (or loss) occurring prior to the Effective Date) plus (ii) the Estimated Taxable Income, over (b) the sum of all payments and distributions by the Company after the Effective Date on account of Section 4.03(g)(A)(2); provided that the Tax Cap may be increased to the extent necessary to provide for reasonable estimates of any corporate alternative minimum tax attributable to the inability to utilize losses from prior years.
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Tax cap has the meaning specified in Section 7.5(a)(ii).
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Examples of Tax cap in a sentence

  • In Wales the Welsh Government must define any Council Tax cap, at the time of writing this report, they have not done so.

  • The Council Tax cap, currently 2%, means that any local authority in England that wishes to raise council tax by more than 2% above the previous year must consult the public in a referendum.

  • Local Government Article of the Annotated Code of Maryland to increase the St. Mary’s County Public Accommodations Tax cap (requested by Commissioner President Randy Guy).

  • Tax cap filing: Ed reported he has filed the electronic form with New York State.

  • Half the members of the Committee, including the Chair, had outstanding concerns about whether increasing Council tax by the full 15% was the only option, especially when other local authorities given permission to exceed the Council Tax cap would not be setting rates this high.

  • He found that:[I]n years when the PURA Tax cap is exceeded, e.g. every year to date, a utility’s tax burden is dependent more on its proportional share of tax payments, considering the rest of the utilities, than it is on changes in its own kWh deliveries.

  • Tax cap legislation is set to renew and will challenge the District’s levy abilities.

  • There are no changes proposed to this tax cap or to the £50,000 tax cap introduced from 1 January 2016 for residents of Alderney, provided that they have never previously claimed the Income Tax cap, and available for an initial period of ten years.

  • The tax levy increase of 3.42% is below the NYS Property Tax cap limit for 2021-22.

  • The current economic climate, current low levels of inflation, public expectations and the anticipated impact of Government pronouncements lead us to believe that Government may impose a Council Tax cap below the 5% level and perhaps as low as 2%.


More Definitions of Tax cap

Tax cap shall have the meaning set forth in Section 8.2(c).
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Tax cap has the meaning assigned in Section 10.5(c).
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Tax cap. See Section 10.1(b);
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Related to Tax cap

  • council tax benefit means council tax benefit under Part 7 of the SSCBA; “couple” has the meaning given by paragraph 4;

  • Tax or “Taxes” means any federal, state, local or foreign income, gross receipts, property, sales, use, license, excise, franchise, employment, payroll, withholding, alternative or add on minimum, ad valorem, transfer or excise tax, or any other tax, custom, duty, governmental fee or other like assessment or charge of any kind whatsoever, together with any interest or penalty, imposed by any Governmental Entity.

  • Income Tax Return means any return, declaration, report, claim for refund, or information return or statement relating to Income Taxes, including any schedule or attachment thereto, and including any amendment thereof.

  • Tax Revenue means, with respect to the Project Area, (a) those tax revenues referred to (1) in the last sentence of the first paragraph of Article VIII, Section 12 of the Constitution of the State and (2) in Section 18-2147, Reissue Revised Statutes of Nebraska, as amended, and (b) all payments made in lieu thereof.

  • Tax Benefit means any refund, credit, or other item that causes reduction in otherwise required liability for Taxes.

  • Tax Benefits 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 Code and the Treasury Regulations promulgated thereunder, of the Company or any of its Subsidiaries.