abatement


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Abatement

A decrease in the amount one owes in taxes. Abatement may come from a tax cut, a rebate, or a reduction in penalties or interest one owes on previous taxes.

abatement

A reduction or decrease.Local governments sometimes offer tax abatements to new businesses in order to attract them to the area.Commercial leases usually have clauses denying rent abatement if the leased property is partially destroyed and then rebuilt and made usable again.
References in periodicals archive ?
A tax abatement results from an identifiable agreement (not necessarily in writing or legally enforceable) in force prior to the abated taxes whereby the government promises to reduce a specific individual's or entity's tax liability in return for the latter's promise to take certain actions.
The types of commitments made by tax abatement recipients; and
The Vendor Must Be An Asbestos Abatement Consultant Certified By The Rhode Island Department Of Health; And Must Be, Or Be Affiliated With A Testing Laboratory Certified By The Rhode Island Department Of Health.
Abatement exists as a tool for state or local policymakers to: (1) encourage new business location within a jurisdiction, (2) discourage existing business from leaving a jurisdiction, (3) steer a business to a specific location within a jurisdiction, and/or (4) improve or alter the form of property used in a jurisdiction.
After the taxpayer has paid the penalty, the taxpayer can request a refund using Form 843, Claim for Refund and Request for Abatement.
Although the co-op/condo abatement and J-51 programs were modified in ways that were not completely satisfactory, we are pleased that these two programs will continue to be available.
The percentage of abatement applications that have been approved compared to those that have been denied has been pretty consistent since assessors began reviewing the abatement applications in June.
As a result of the weakening market, Canco was awarded an even more lucrative tax abatement arrangement by the City Council in Jersey City.
The dust abatement services will cause road closures and delays.
Last month, the city rejected Detroit Newspapers' request for a 12-year tax abatement on improvements at a distribution facility in Romulus.
Suppose, however, that this innovation reduces the marginal costs of abatement by others by much more than it reduces the defendant's own costs.
The Metropolitan Development Commission approved the tax abatement request for International, which employs a combined total of 1,873 employees at its two adjoining Indianapolis operations.