tax exemption

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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.

tax exemption

The release of a property from the obligation to pay real estate taxes.
References in periodicals archive ?
It is currently expected that the merger of PCA into Putnam California Tax Exempt Income Fund would be concluded in June and that the merger of PMN into Putnam New York Tax Exempt Income Fund would be concluded later this summer.
Remember, the guys who prepare voter guides normally are not tax exempt, so they don't have one to lose," he said.
Nothing from a tax exempt can go into supporting a candidate - zero," Gibbs said.
The IRS Tax Exempt Entities Division is the fastest growing unit in the IRS, and it is working hand-in-glove with Homeland Security.
Employers that have, at all times, been tax exempt are generally exempt from this excise tax (Sec.
The first meeting of the Tax Exempt CAB was held recently in Hartford, CT, and focused on ways to increase participants' understanding and appreciation of their retirement benefits.

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