Tax-Exempt Income

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Tax-exempt income

Dividends and interest not subject to federal and, in some cases, state and local income taxes.

Tax-Exempt Income

Income that is not subject to taxation. Additionally, certain income an individual or corporation derives may be tax exempt, even though the individual or corporation would owe taxes otherwise. For example, coupons from a municipal bond are tax exempt at the federal level. See also: Tax credit, tax deduction.

Tax-Exempt Income

Income that by law is not subject to income tax.
References in periodicals archive ?
Tax-exempt incomes include those earned from fund management, international reserve management and treasury operations, those earned from sale of acquired assets and consequent income of BSP being a lender of last resort, as well as those earned from activities being the sole issuer of currency, such as income from demonetization of currency, sale of commemorative notes, service fees for handling notes and coins.
A[cedilla] Lower the threshold for tax-exempt incomes to 8,800 euros a year from around 9,500.
Under the bill, tax-exempt incomes will include those earned from fund management, international reserve management, and treasury operations, sale of acquired assets and consequent income of BSP being a lender of last resort.