Tax Abatement


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Tax Abatement

A reduction of taxes for a certain period or in exchange for conducting a certain task. For example, if one receives a tax credit for purchasing a house, one receives tax abatement because one pays less in taxes than he/she otherwise would. A sales tax holiday is another instance of tax abatement. Tax abatement represents a reduction of government revenue and therefore may add to a deficit.
References in periodicals archive ?
"Location and Investment Effects of a Tax Abatement Program." National Tax Journal 39 (2):229-36.
Kaczmarczyk is the town's most visible senior tax abatement worker, they got parking ticket notices sent from behind the scenes by Claire J.
However, the appeals court affirmed the lower court's decision that the property tax abatement was proper.
One example was Ypsilanti Township, Michigan which granted $1.3 billion dollars in tax abatements to General Motors with the understanding that GM would maintain jobs at the Willow Run car assembly plant.
"We decided to complete the entitlement process and 421a tax abatement program and thereafter expose the property to the market as a whole before deciding on a course of action," he added.
At that meeting it was learned that Reva Seybolt, chairman of the Tax Abatement Committee, used town stationery to send a letter specifically to local farmers encouraging them to attend them meeting and to vote on the ordinance.
Under S law, the property tax abatements that seniors earned for services under P are not income for purposes of state taxation--withholding, unemployment insurance or workers' compensation.
The Co-Op/ Condo tax abatement was meant to provide homeowners a partial property tax reduction.