tax exemption

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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 ?
The roll also includes a sprinkling of other property types whose owners requested a hearing "on the papers," including "walk-in" hearings at borough offices, and decisions on those properties requesting tax exempt status.
These groups have tax exempt status as 501 (c) 3, 5, 6, 8, 10, and 19 organizations.
The agent, Robertson said, recommended against granting the Coalition tax exempt status as a 501(c)(4) group, but her recommendation was not carried out.
As a commercial condominium, the ownership opportunity at Two Dag Hammarskjold Plaza allows organizations such as missions and consulates to benefit from their tax exempt status, stabilize their occupancy costs, control their office and residential environments, and make a wise and timely investment in the market.
The American Center for Law and Justice, an international public interest law firm, announced today it has entered the case of religious organizations in Idaho that have been denied tax exempt status for their property in Custer County, Idaho.
The participants with ownership stakes in the project will be able to take advantage of their tax exempt status - and save on sales and real estate taxes.
As a result of failure to receive a ruling from the Internal Revenue Service regarding continuation of AHF's tax exempt status under the joint venture, AHF decided to terminate the joint venture under a provision that will permit it to resume ownership and operation of the Arlington Hospital.
This tax exempt status had given POSBank a distinct cost advantage by allowing it to offer lower saving deposit interest rates and, in turn, lower home mortgage rates.