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 ?
The B&O tax exemption for manufacturing dairy products, and wholesale sales of dairy products sold to a manufacturer for use as an ingredient or component in the manufacturing of a dairy product, is extended until July 1, 2025.
If you read his quotes, he did not "waffle" on the credit union tax exemption.
By expanding tax exemptions for wine, beer, spirits and cider industries, we re helping local producers thrive and creating an environment that encourages their success.
The head of the Indian central bank, Raghuram Rajan, has called for higher tax exemptions.
City Assessor William Ford said the local tax exemptions are listed on the third-quarter tax bill, but acknowledged they could be overlooked by many people.
While identifying opportunities for sales tax exemption requires considerable work, the potential tax savings make that effort worthwhile.
Real estate sector will expect the FM to increase tax exemption limit of interest paid on home loans from the current a[sup.
That's why aircraft purchasers turn to us time after time, because we have the familiarity needed in the field to obtain a successful sales and use tax exemption.
Tax exemption amount, three major tax deduction amounts, and income tax-exemption amount of retirees have remained unchanged for three consecutive years since 2010, while taxation brackets have not been adjusted for two years.
If you are doing very well at the moment, the income tax exemption will take on more weight.
They were earlier given tax exemptions reserved for charitable organisations.
It offers attractive free trade zones, free trade ports and airports and tax exemptions.