Tax Abatement


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Tax Abatement

A reduction of taxes for a certain period or in exchange for conducting a certain task. For example, if one receives a tax credit for purchasing a house, one receives tax abatement because one pays less in taxes than he/she otherwise would. A sales tax holiday is another instance of tax abatement. Tax abatement represents a reduction of government revenue and therefore may add to a deficit.
References in periodicals archive ?
A tax abatement results from an identifiable agreement (not necessarily in writing or legally enforceable) in force prior to the abated taxes whereby the government promises to reduce a specific individual's or entity's tax liability in return for the latter's promise to take certain actions.
The types of commitments made by tax abatement recipients; and
The citizen soldier tax abatement is a way to give a respite to certain military service members on active duty who serve our country and strive to make ends meet for their own families, too.
However, the appeals court affirmed the lower court's decision that the property tax abatement was proper.
City A offers the new business a 50-percent property tax abatement for 20 years and City B offers no property tax incentives whatsoever.
Davis said, "The Trumbull County Commissioners appear to have rushed through a huge tax abatement for a corporation that doesn't even exist in Trumbull County.
The campaign pledged Gateway would seek "no tax abatement.
In December 1987, Orion Township became the first Michigan municipality ever to wm down a GM request for a tax abatement.
In late October 2014, the Governmental Accounting Standards Board (GASB) released an exposure draft (ED) on Tax Abatement Disclosures.
City Manager Linda Brown said, A 12-year PA 198 IFT tax abatement from the City of Hillsdale will result in $523,000 in property tax savings for Bob Evans Farms.
The law allows condo owners to obtain copies of tax abatement applications submitted to the City by building managers.
Nault applied to join the town's senior tax abatement program, it was a perfect match.