tax exemption

(redirected from Tax-exempt status)
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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 ?
was unnecessary to the agency's determination of their tax-exempt status, was wrong.
Brazos County argued that TSHA's tax-exempt status hinges on the use of the property.
IRS Commissioner John Koskinen promised to not challenge the tax-exempt status of Christian colleges and universities at a Senate hearing in late July.
A business of about $10 billion in annual revenues, the NFL has held tax-exempt status since the 1940s and so was required to file a publicly available IRS form listing compensation for the highest-paid employees.
Additionally, the club changed its bylaws since it was first given tax-exempt status by the county in 2004 to require club members to also be members of the National Rifle Association, Tapia noted.
A cap or repeal of the tax-exempt status of municipal bond interest would deeply affect Americans' retirement nests and asset formation.
Organizations that the IRS grants tax-exempt status are subject to strict rules regarding political activities.
IRS officials have said the agency was facing a large increase in the number of applications for tax-exempt status, so agents adopted inappropriate shortcuts to identify groups that may be involved in political activity.
The number of applications for tax-exempt status was down about 7 percent last year compared to 2010, from 65,648 to 60,980.
He noted that the agency had been vigilant in letting all tax-exempt organizations know that because of a law passed by Congress in 2006, if they didn't turn in their 990 forms for three consecutive years they would lose their tax-exempt status.
The second issue was whether the Fund may provide impermissible benefits to non-dependent former spouses pursuant to a judgment of divorce without adversely affecting the Fund's tax-exempt status.
A tax-exempt organization that fails to file the e-postcard for three consecutive years loses its tax-exempt status and may be liable for the $800 minimum franchise tax.