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 ?
However, for federal estate tax purposes, Darcy's estate would not create a QTIP Rather, Darcy's estate would not be subject to federal estate tax on Darcy's death because his estate does not exceed $3.5 million, the amount of the federal estate tax exemption in 2009.
Brian Kavanagh, chief executive of Horse Racing Ireland, called the removal of the tax exemption legislation "the end of an era", adding: "We're disappointed to see it end and we've always argued that there's no huge pot of gold to be gained for the exchequer from stallion tax."
ISLAMABAD -- The Federal Board of Revenue tax exemptions widened by nearly 80 per cent to Rs972.4 billion in the outgoing fiscal year from Rs540.98bn the preceding year, noted the Economic Survey 2018-19.
Diplomatic Tax Exemption Cards provides an exemption from sales, occupancy, and other similar taxes for the eligible foreign officials working in the United States, or its territory.
The program provides sales and use, occupancy, food, airline, gas, and utility tax exemptions to eligible foreign officials on assignment in the United States.
A sub-decree on SME signed by Prime Minister Hun Sen in October offers income tax exemption from three to five year to six priority sectors, including agro-industries and food production and processing.
Mian Zahid Hussain said that tax exemption to new industries has been subjected to the approval of ECC which is equally discouraging for local and international investors.
In fact, the introduction of tax exemptions means resignation from a part of tax revenue.
The travel tax exemption was issued "for reasons of national interest and in order to sustain and accelerate economic development in Mindanao and Palawan."
The vote came hours after the House passed its version of the bill with the credit union tax exemption intact.
M2 EQUITYBITES-February 16, 2017-Aero & Marine Tax Professionals secures tax exemption for pediatric dentist
Now is the time for state and local governments to make sure Congress understands the issues that are of crucial importance to their communities --such as preserving the tax exemption on municipal bonds.