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tax exemption

   Also found in: Dictionary/thesaurus, Financial, Wikipedia 0.01 sec.
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.


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My wife and I are both pensioners and receive no Government handouts, such as pension credit or tax exemption.
The Pennsylvania Credit Union Association reacted quickly last week in opposing a proposal to eliminate the tax exemption for credit unions and other nonprofits.
However, public utility projects will no longer be eligible for tax exemptions while Education and Medical Care providers will have their indefinite tax exemption status replaced by a maximum of 10 years.
 
 
 
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