Loophole

(redirected from Loopholes)
Also found in: Dictionary, Thesaurus, Legal, Encyclopedia.
Related to Loopholes: Tax Loopholes

Loophole

A technicality in some legislation or regulation that makes it possible to avoid certain consequences or circumvent a rule without breaking the law, such as in the use of a tax shelter.

Loophole

A deliberate or accidental provision in a law that allows an individual or corporation to which it would otherwise apply to be exempt from it. Most loopholes are deliberate and are placed there to ensure that the law is not draconian, to please a lobbyist, or for some other reason. For example, a country may pass a law requiring most companies to register with the government. However, it may contain a loophole allowing the exemption of companies that find registration too difficult or expensive. Occasionally, the government may close a loophole, which means that it takes away the exemption.
References in periodicals archive ?
There might be some loopholes in our schemes, that is why I would request my friends from Congress and other parties to constitute a task force and study the loopholes in our schemes if any, I will pay due attention to your suggestions".
This partisan legislation lets Wall Street keep a tax loophole while most Americans earning less than $75,000 a year would see tax increases.
said in introducing their bill that Trump promised on the campaign trail to close the loophole, but his tax plan doesn't reflect that.
The only way to close this loophole would be to: one, use an unpredictable source, say a random number generator, to choose what properties of photons A and B should be measured in the split second before the particles arrive at their detectors, and two, use a distant cosmic object as number generator so that if some hidden variables were, in fact, interfering with the randomness of the choice of measurements, they would have had to have set those changes in motion before the time the light left the cosmic source.
President Reagan's advisers put these two ideas together and came up with a plan that would eliminate many loopholes and use the resulting new revenue to lower tax rates.
Their report added: "There are clear loopholes, which imperil the safety of passengers, that still need to be closed regarding the use of PSV operator licences on multiple vehicles.
I hate to think what the Euro MPs are exploiting, in living and travelling expense loopholes, or am I now getting paranoid?
Just as these reforms were on the verge of being passed, the House adopted a complex floor amendment that would reinsert new loopholes and shields for tax avoidance.
But a loophole which allows drunken and dangerous drivers to simply hop back into their cars is not a loophole.
A recent report showing nearly two million students' test scores--including many minority students' scores--are not being counted in NCLB provisions has some education advocates saying schools are exploiting a loophole to escape penalties.
The senator worked to obtain additional benefits for them--most notably, loopholes in tax law--but by 1992, the corporations were still having a hard time getting their feet on the ground.
Against that backdrop, after seven years of effort, Congress finally closed these loopholes for corporate and labor money with passage of BCRA.