Loophole

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Related to Loopholes: Tax Loopholes

Loophole

A technicality in some legislation or regulation that makes it possible to avoid certain consequences or circumvent a rule without breaking the law, such as in the use of a tax shelter.

Loophole

A deliberate or accidental provision in a law that allows an individual or corporation to which it would otherwise apply to be exempt from it. Most loopholes are deliberate and are placed there to ensure that the law is not draconian, to please a lobbyist, or for some other reason. For example, a country may pass a law requiring most companies to register with the government. However, it may contain a loophole allowing the exemption of companies that find registration too difficult or expensive. Occasionally, the government may close a loophole, which means that it takes away the exemption.
References in periodicals archive ?
Increased use of such loopholes by corporations is driving others to take a close look at such steps, according to Michael Mazarov of the Center on Budget and Policy Priorities, a Washington D.
When those with a reputation of simply wanting more revenue claim that there are loopholes that need to be closed, I think you have to take those allegations with a large block of salt.
Runner's legislation also closes a loophole that allows methamphetamine manufacturers to stockpile crystalized iodine, a methamphetamine component.
It would open up California's long-protected coastline for new oil exploration and it increases tax shelters and loopholes for major corporate investors.
The revised versions weakened the original drafts, allowing loopholes.
Bustamante would use campaign funds transfer loopholes that the Kennedy campaign sees as circumventing the will of the people to limit campaign donations from big money donors.
Kellar, McLean and Ferry called for a comprehensive overhaul of the city's election codes to close as many loopholes as possible.
The latest IRS Revenue Ruling is good news for everyone," says Phoenix-based tax strategist and CPA Diane Kennedy, author of Loopholes of the Rich and personal tax advisor to Robert Kiyosaki of the Rich Dad Advisors(TM) team.
Loopholes cited by the critics included a provision that allows immigrant senior citizens to qualify for Medicaid and SSI benefits as soon as they become naturalized citizens.
s campaign-finance system, or else the politicians and special interests will merely find themselves new loopholes to worm through.
Looking for loopholes,'' the crusty comedian muttered in his cynical nasal drawl.