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 ?
Department of Transportation to develop recently-enacted legislation authorizing the issuance of tax-exempt private activity bonds for transportation projects.
Nelson argued that DOI income was tax-exempt income to the corporation, and, as such, passed through to the shareholder.
The tax-exempt debt was issued by the Economic Development Corp.
Thus, the Tax Court held that UCC failed to qualify as a tax-exempt organization and an eligible charitable donee.
This securitization provides GMAC MMT attractive long-term senior funding and liquidity for $82 million in tax-exempt assets.
The proposed regulations generally treat a taxable corporation that changes its status to a tax-exempt entity as having transferred all of its assets to a tax-exempt entity immediately before the change in status becomes effective, regardless of whether an actual transfer of the assets has occurred.
In recent years, reportable UBTI of tax-exempt organizations with alternative investments has increased significantly, possibly because of an increase in debt-financed activity conducted by the alternative investments.
Any time a pass-through entity has a tax-exempt partner--which includes IRAs, Roth IRAs, pension plans, foundations or charities (entities that file Form 990)--the deductibility of losses by the non tax-exempt entities will likely be reduced with rules similar to the passive loss limitations.
The Church of Freethought enjoys federal tax-exempt status, but was unable to obtain similar status in Texas.
For the new Mets stadium, IDA will issue about $632 million in tax-exempt and taxable bonds.
The proposed regulations would abandon the current approach of identifying solid waste disposal facilities that qualify for tax-exempt financing in favor of focusing on the type of Facility used.
Before the early 1990s, the tax-exempt finance industry was largely self-regulated.