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.
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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 ?
This admission was made in response to a query about the lengthy review of Z STREET's tax exempt status application.
On October 11, 2005, Joey Slinger, columnist with the Toronto Star, wrote that the Catholic Church's tax exempt status should be removed if the Pope decides that Catholic politicians who support abortion and same-sex "marriage" cannot receive communion.
"Old Time Gospel Hour ("OTGH") today announced that the IRS has revoked its tax exempt status for 1986 and 1987 for improper political activities," reads a segment of Falwell's Feb.
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.
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.
IRS granted the institute tax exempt status in 1977, the year before Poynter died.