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 ?
Committee chairman Mandviwalla said that government had given the tax exemption after one and half year of the issuing tender of the project.
The senators inquired whether tax exemptions were part of the original bid documents and whether the other two Chinese bidders were aware of these exemptions.
While BCCI was unable to commit anything to ICC on tax exemption, the PCB offer to ICC was considered seriously.
237 and 266, in 1994 and 1995, respectively, granting travel tax exemption to all passengers originating from Mindanao and Palawan, by air and/or by sea, to any destination within the BIMP-EAGA.
The tax exemption, he said, should take effect in January, 2018.
If the credit union tax exemption survives in the Senate, traditionally the issue will be put to rest.
This exemption has prevailed for more than 100 years with the continued grassroots support of GFOA members, and we hope the Ways and Means Committee will continue to support of the preservation of the tax exemption in the 115th Congress.
In addition to tax exemption on exports, Ministry of IT had also proposed exemption of sales tax on computers including laptops and desktops to promote the growth of IT usage in the country.
Recently, the concept of estate tax exemption portability has been introduced to the Internal Revenue Code.
The B&O tax exemption for manufacturing seafood products, and wholesale sales of seafood to persons who transport the goods out of state in the ordinary course of business, is extended until July 1, 2025.
The head of the Indian central bank, Raghuram Rajan, has called for higher tax exemptions.
He even expressed the House's readiness to tackle the appropriate tax exemption ceiling since the Lower Chamber's version, HB 4970 proposes lower tax exemption ceiling than the Senate.