abatement

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Abatement

A decrease in the amount one owes in taxes. Abatement may come from a tax cut, a rebate, or a reduction in penalties or interest one owes on previous taxes.

abatement

A reduction or decrease.Local governments sometimes offer tax abatements to new businesses in order to attract them to the area.Commercial leases usually have clauses denying rent abatement if the leased property is partially destroyed and then rebuilt and made usable again.
References in periodicals archive ?
For tax abatements of other governments that reduce a government's revenues, a government once again may provide the required disclosure by individual agreement, in the aggregate, or using some combination of both, this time organized by government and by specific tax rebated.
Other commitments made by a government in tax abatement agreements, such as to build infrastructure assets.
14) The most recent Texas report on Tax Exemptions and Tax Incidence, published in February 2011, offers an estimate of abatements granted on property tax payments (for K-12 public schools) in the state for fiscal year 2013.
With TIGTA and TAS reports highlighting the IRS's inconsistent application of penalty abatement, the IRS will likely make some changes in its requirements and procedures for requesting and granting penalty abatements in the future.
About half of those abatement applications have been approved, and the assessments for those properties were lowered.
A record-keeping error made by Finance prevented the McCarthys from collecting a tax abatement they were legally entitled to.
Tax abatements have become a bad word in Jersey City because the public has lost confidence in the city's ability to negotiate fair agreements," said Levin.
Of the 37 people whose loan applications were denied, 18 found other resources with which to complete the abatements (48.
Most experts agree that visual and olfactory inspection by a competent authority with appropriate personal protective equipment before and after abatement is the best strategy.
Although Chapter 100 provisions lay dormant on the law books for many years, large industrial companies are starting to use them to effect lucrative, long-term real and personal property tax abatements in Missouri.
Stan and Jean Showell, who run Top Farm, will be given up to 100 per cent rent abatement under the new measures.
But the city proceeded with abatement anyway, and as it closed in on Franklin's home, her lawyer, James Kempton, saw the alarming implications: