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tax exemption |
Also found in: Financial, Wikipedia | 0.02 sec. |
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tax exemption, immunity from the requirement of paying taxes. Federal, state, and usually local law provide exemption from taxation for a wide variety of organizations, usually not-for-profit, such as churches, colleges, universities, health care providers, various charities, civic leagues, labor unions, trade associations, social clubs, and political organizations. Such policies date back to 1894, when the U.S. Congress passed income tax laws that provided exemptions for certain institutions. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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The Canada Customs and Revenue Agency has revoked the tax exempt status of donations made to the Magen David Adom organization, because funds raised are used for the emergency medical service ambulances that operate in the occupied territories. The dispute has hit the Hollywood Entertainment District, a business improvement district formed in 1996 that collects fees from all properties within its boundaries, without regard to tax exempt status. The IRS has issued, for internal purposes, a book dealing with the tax exempt status of health care organizations that is used primarily for training and auditing purposes. |
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