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 ?
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.
Individual NFL teams do not have tax-exempt status.
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.
The cost would have soared to almost $500 billion in case of a repeal of the tax-exempt status of municipal bond interest during the last decade.
Within the Rulings and Agreements office, the Determinations Unit in Cincinnati is responsible for reviewing applications as the IRS receives them to determine whether an organization qualifies for tax-exempt status.
Targeting applicants for tax-exempt status using political labels threatens to undermine the public's trust in the IRS," Baucus and Hatch wrote.
There were 60,980 applications for tax-exempt status with the IRS granting approval to 54,701, or almost 90 percent.
The IRS also questioned why some federal and state credit unions have failed to apply to the IRS for tax-exempt status.
Under the facts presented, the IRS determined that the Fund may provide benefits to former spouses who are not dependents, without adversely affecting the Fund's tax-exempt status, provided that the total amount of impermissible benefits provided in a plan year is 3 percent or less of the total of all benefits provided by the Fund in the plan year to all beneficiaries.
Summary: WASHINGTON: A hawkish pro-Israel activist Jewish group called "Z Street" has filed a lawsuit alleging that the Internal Revenue Service is impeding or denying applications for tax-exempt status from nonprofit organizations that oppose the Obama administration's policies toward Israel.