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 ?
The City of Boston administers the tax abatement, keeping track of hours worked and crediting the resident for each hour worked.
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.
Last month, the city rejected Detroit Newspapers' request for a 12-year tax abatement on improvements at a distribution facility in Romulus.
The district court upheld both the investment tax credit and the property tax abatement, and the plaintiffs appealed to the Sixth Circuit Court of Appeals.
City A offers the new business a 50-percent property tax abatement for 20 years and City B offers no property tax incentives whatsoever.
In addition to the tax abatement, the state relieved Gateway of an old loan and interest of $5.
The property tax abatement offered to the typical manufacturing firm (B.
In December 1987, Orion Township became the first Michigan municipality ever to wm down a GM request for a tax abatement.
Town Manager Shiloh LaFreniere said the board has also offered the firm a tax abatement of $886,157.
The Co-Op/ Condo tax abatement was meant to provide homeowners a partial property tax reduction.