tax exemption

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Tax Exempt

Describing income or organization that is not subject to taxation. Examples of tax exempt organizations include religious groups and charities. Additionally, certain income an individual or corporation derives may be tax exempt. For example, coupons from a municipal bond are tax exempt at the federal level. See also: Tax credit, tax deduction.

tax exemption

A reduction in the assessed rate of real property for purposes of calculating ad valorem taxes.Properties used for religious purposes usually have a 100 percent reduction,resulting in no tax liability. Additional exemptions might be granted for other uses, such as for a personal residence,timberland,or conservation land. One must generally apply for exemptions; they are not granted automatically.

References in periodicals archive ?
In addition to tax incentives, many of the OECD Governments offer non-tax incentives that are little known.
8 million in tax incentives for an unnamed buyer of the line that serves Columbus County, along with Horry and Marion counties in South Carolina.
LAHORE -- The Lahore Chamber of Commerce and Industry (LCCI) and the Federal Board of Revenue (FBR) on Friday decided to work to raise the tax-to-GDP ratio by educating the masses about the benefits of the prime minister's tax incentive package.
Other tax incentive schemes also appeared to have a low profile, with only 8% knowing about the Seed Enterprise Investment Scheme (SEIS) and 4% aware of the Patent Box.
As of January 2014, the tax incentive for vehicles equipped with a catalyst will be dropped, while the tax incentive for Euro 3 and Euro 4 vehicles amount to 30% only.
The state intends to jump back into contention with the passage of House Bill 1223, a set of tax incentives for data centers that invest $200 million or more in a Texas location.
Federal tax incentives for manufacturing of environmentally friendly products (IRC Section 48C)
Once the applicable tax incentives are identified, then the process of documenting and calculating the credit begins.
Senate Finance Committee, will offer valuable information on lucrative government tax incentives that lower tax liabilities and put money back into eligible businesses.
The innovative activity does not have to be successful to qualify for the tax incentive.
According to the Joint Committee on Taxation, in 2010, the United States federal government handed out $123 billion in tax incentives to various corporations.
The proposal calls for a sliding scale of tax incentives based on demonstrable improvements in energy performance relative to the building's pre-renovation performance.