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 ?
This admission was made in response to a query about the lengthy review of Z STREET's tax exempt status application.
The Federal Court of Appeals ruled in principle that the authorities cannot revoke tax exempt status on donations to organizations that operate in the territories.
Instituting this plan permitted Memorial to take advantage of its tax exempt status and avoid paying the annual real estate taxes attributable to its units, a significant savings per year.
That "something" might be a tax paid by the facility while they keep their tax exempt status.
Insurance: Would grant tax exempt status to insurance pools owned by three or more tax exempt health and human service charities; SB1934; Mello, D-Watsonville; 33-0; to Assembly.
IRS granted the institute tax exempt status in 1977, the year before Poynter died.
Grassley has asked the IRS to step up enforcement on the tax exempt status of not-for-profit hospitals.
A May report by the IRS inspector general said the agency gave extra scrutiny to 298 groups when they applied for tax exempt status from the spring of 2010 to the spring of 2012.