tax exemption

(redirected from Tax-exempt status)
Also found in: Dictionary, Financial, Wikipedia.
Related to Tax-exempt status: Form 1023

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.

tax exemption

The release of a property from the obligation to pay real estate taxes.
References in periodicals archive ?
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.
And while many of the organizations we represent have finally been granted tax-exempt status, we demand the IRS to immediately approve the pending applications for the remainder of our clients.
And while many of the organizations we represent have finally been granted tax-exempt status, we demand the IRS immediately approve the pending applications for the remainder of our clients.
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.
The IRS will automatically revoke the tax-exempt status of any organization, no matter the size, that fails to meet its filing requirement for three consecutive years.
The IRS has stated that it will work with organizations that missed the May 17 filing deadline to help them avoid losing their tax-exempt status, and is urging organizations to file, even if they've passed the deadline.
The DLC applied for tax-exempt status as a social welfare organization, explaining that it was organized by Individuals concerned about national policy and the direction of policy debate within the Democratic Party.
The Council on AmericanIslamic Relations (CAIR) has asked the Internal Revenue Service to investigate whether the nonprofit Clarion Fund violated its tax-exempt status by distributing 28 million DVDs of a controversial film last month in key election states.