tax exemption

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Related to Tax-exempt status: Form 1023

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 ?
In order to understand the threat to religious organizations from adverse changes to tax law, it is important to first understand the provisions in the Internal Revenue Code on which religious organizations are granted tax-exempt status, (7) as well as the legislative history behind these sections of the Tax Code.
The federal court found that more than 40 conservative organizations in at least 20 states were subjected to an unrealistic process for gaining tax-exempt status with the government.
The trial court agreed with Brazos County, holding that TSHA forfeited its tax-exempt status by hosting persons who were not students, faculty, or staff members of an institution of higher education at the Cambridge.
The only tax obligations that the NFL might run into could be related to bonds that were issued under its tax-exempt status to help teams finance construction of new stadiums.
Individual NFL teams do not have tax-exempt status.
Coburn said the power of political constituency and the momentum of the status quo has helped the tax-exempt status survive.
"The result is that the NRA receives an indirect benefit that is derived from (the club's) Lane County tax-exempt status," he wrote in his recommendation.
A cap or repeal of the tax-exempt status of municipal bond interest would deeply affect Americans' retirement nests and asset formation.
Also, the BIR said, trustees of a non-profit group should not be receiving any compensation or remuneration to keep the organization's tax-exempt status.
Organizations that the IRS grants tax-exempt status are subject to strict rules regarding political activities.
First, a refresher: Two weeks ago, the IRS admitted to and apologized for flagging about 300 groups with the words "tea party" or "patriot" in their names for extra scrutiny when they applied for tax-exempt status. The Federal Bureau of Investigation has launched a criminal probe into the matter.