abatement

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Abatement

A decrease in the amount one owes in taxes. Abatement may come from a tax cut, a rebate, or a reduction in penalties or interest one owes on previous taxes.

abatement

A reduction or decrease.Local governments sometimes offer tax abatements to new businesses in order to attract them to the area.Commercial leases usually have clauses denying rent abatement if the leased property is partially destroyed and then rebuilt and made usable again.
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GFOA responded to the ED by: 1) encouraging the GASB to provide for a more "balanced" picture of tax abatements by incorporating information on the benefits of tax abatement programs; 2) simplifying required disclosures; and 3) providing practical help for governments that are legally prohibited from providing certain specific information on tax abatements.
GASB issues final standard on tax abatement disclosure
* The types of commitments made by tax abatement recipients; and
Government requirement to disclose information on tax abatements
Property tax abatement (abatement) is a full or partial reduction in the normal property tax liability owed by a manufacturing, commercial, or primary (agriculture, forestry, and mining) business firm for ownership of real or personal property in a state or local jurisdiction.
Property tax abatement as tax expenditure?
With TIGTA and TAS reports highlighting the IRS's inconsistent application of penalty abatement, the IRS will likely make some changes in its requirements and procedures for requesting and granting penalty abatements in the future.
Using the first-time penalty abatement waiver
Ford, 1,112 of the 2,395 abatement applications were granted and processed.
Half of tax-cut requests granted; Abatements total $3M, which the city had set aside
The law allows condo owners to obtain copies of tax abatement applications submitted to the City by building managers.
New law helps condo owners get back thousands after city tax gaff
Meanwhile, the city is also wielding its tax policy on new abatements to incentivize more building.
Sweetening development deals in Jersey City
A retrospective follow-up study of the effect of home lead abatements on childhood blood lead levels.
Efficacy of the Community Reinvestment Act in promoting lead abatement
Yet even after abatement, Mitchell added, some individuals may be symptomatic.
National meeting breaks the mold
The final report concludes that only two states shield public school funding from property tax abatements and TIFs--defined as "an exemption of the value of real property improvements" over a set number of years--and that just two states give school boards full input into decisions about these subsidies.
NEA releases study on property tax handouts. (Your Dues Did It)
While states are quick to tout the availability of income tax credit incentive programs, states do not always advertise the availability of local real and personal property tax abatements, exemptions, or other property tax relief.
Real and personal property tax incentives: the often-overlooked tax benefits
At the moment, it is expected the abatements last until September 29.
Rent relief eases farmers' burden

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