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.
The Columbia Electronic Encyclopedia™ Copyright © 2013, Columbia University Press. Licensed from Columbia University Press. All rights reserved.

tax exemption

The release of a property from the obligation to pay real estate taxes.
McGraw-Hill Dictionary of Architecture and Construction. Copyright © 2003 by McGraw-Hill Companies, Inc.
References in periodicals archive ?
The Tax Exempt Bond Division also released Publication 5091 on VCAP in June 2013.
At its broadest definition, UBIT can create taxable income for otherwise tax exempt investors.
America First Tax Exempt Investors will use the proceeds to purchase more tax-exempt revenue bonds and other investments to achieve its investment goals, as well as for general working capital needs.
Categories: Tax Policy and Administration, Bonds (securities), Income taxes, Tax expenditures, Municipal taxes, Taxes, Tax exempt status, Federal taxes, Taxpayers, Financial statement audits, Tax administration, Tax violations, Financial analysis, Municipal bonds
In comments submitted to the IRS, the Tax Exempt Bond Recycling Coalition noted that for facilities that recycle waste by converting the material into useful products, such as waste paper recycling facilities, the proposed regulations significantly would reduce the portion of facilities that qualifies for tax-exempt financing by changing the point at which the solid waste recycling process is deemed to end.
In applying the opinions, it is clear that the rollover IRA is partially tax exempt, raising the question as to how to compute the tax-exempt amounts under Tax Law sections 612(c)(3)(i) and 612(c)(3-a).
When asked why he robbed banks, Willie Sutton responded, "Because that's where the money is." A similar spirit has informed the early efforts of the Internal Revenue Service's Tax Exempt Bond (TEB) Group in its choice of which bonds to audit.
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.

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