tax exemption

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Related to Tax exempt status: Form 1023

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 ?
The ACLJ said the IRS information demands sent to the Tea Party groups are not in response to complaints of wrongdoing, but instead in response to applications by the organizations for 501(c)(3) or 501(c)(4) tax exempt status.
The Federal Court of Appeals ruled in principle that the authorities cannot revoke tax exempt status on donations to organizations that operate in the territories.
The IRS has issued, for internal purposes, a book dealing with the tax exempt status of health care organizations that is used primarily for training and auditing purposes.
Insurance: Would grant tax exempt status to insurance pools owned by three or more tax exempt health and human service charities; SB1934; Mello, D-Watsonville; 33-0; to Assembly.
Grassley has asked the IRS to step up enforcement on the tax exempt status of not-for-profit hospitals.
A May report by the IRS inspector general said the agency gave extra scrutiny to 298 groups when they applied for tax exempt status from the spring of 2010 to the spring of 2012.
According to bond statement, John Muir plans to launch more for-profit outpatient centers while enjoying tax exempt status
It reads in part, "OTGH agrees to the two-year revocation of tax exempt status, based on the IRS finding that it engaged in political activity, and the payment of $50,000 for tax deficiencies.