Common use of State Withholding Clause in Contracts

State Withholding. California Revenue and Taxation Code Sections 18805 and 26131 require a buyer of real property to withhold California income taxes from escrow funds if all of the following conditions are met: (a) The buyer has received a standard notification of the withholding requirements established by the Act; (b) The selling price is greater than One Hundred Thousand and No/100 Dollars ($100,000.00); (c) The seller has not received a California Homeowner's Property Tax Exemption during the year of the sale; and (d) The funds from the transaction are to be disbursed to either: (i) A seller with a last known street address outside of California, or (ii) A financial intermediary of the seller if the seller is a nonresident of California. The withholding rate is three and one-half percent (31/2%) of the selling price. Seller may request a waiver by contacting: Franchise Tax Board Withholding at Source ▇▇▇▇ ▇.▇. ▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇ (▇▇▇) ▇▇▇-▇▇▇▇

State Withholding. California Revenue and Taxation Code Sections 18805 and 26131 require a buyer of real property to withhold California income taxes from escrow funds if all of the following conditions are met: (a) The buyer has received a standard notification of the withholding requirements established by the Act; (b) The selling price is greater than One Hundred Thousand and No/100 Dollars ($100,000.00); (c) The seller has not received a California Homeowner's Property Tax Exemption during the year of the sale; and (d) The funds from the transaction are to be disbursed to either: (i) A seller with a last known street address outside of California, or (ii) A financial intermediary of the seller if the seller is a nonresident of California. The withholding rate is three and one-half percent (31/23 1/2%) of the selling price. Seller may request a waiver by contacting: Franchise Tax Board Withholding at Source ▇▇▇▇ Unit ▇.▇. ▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇ (▇▇▇6) ▇▇▇369-▇▇▇▇4900