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 ?
The B&O tax exemption for manufacturing seafood products, and wholesale sales of seafood to persons who transport the goods out of state in the ordinary course of business, is extended until July 1, 2025.
Shelby, in that setting, if he supported the credit union tax exemption and expecting a quick yes or no answer is unrealistic and not consistent with the way Sen.
Many states offer sales tax exemptions to companies that manufacture or are involved in the production or processing of oil and gas.
Tax exemption limit on conveyance, reimbursement of medicals expenses, education allowance, home loans and other expenditures of the employers are expected to be raised to help reduce the impact of fuel price hike.
Plus increase in tax exemption amount and special salary deduction amount, a typical four-member household (a working couple and two children before the age of majority) will see its tax deduction amount increase by NT$26,000 or tax payment decrease by NT$3,120, on the basis of 12% tax rate.
Remarkably, under this legislation, hospitals that would not otherwise meet the property tax exemption test can do so by making financial or in-kind donations to other affiliated or unaffiliated not-for-profit hospitals like mine or other community agencies.
Investment projects may be eligible for tax exemptions.
The Multiple Unit Property Tax Exemption offers property tax abatements to developers who build apartment complexes with five or more units within the designated areas.
The IMF has asked Pakistan to reduce the tax exemption which accounts more than 100 billion rupees every fiscal year, as it will help the tax department in achieving the annual revenue collection target for the current financial year," The Nation quoted a government official, as saying on the condition of anonymity.
The Israeli companies, as reported by Israeli daily Maariv are ready to expose in court the tax exemption granted to Cairo by Tel Aviv and to prove that it is indeed illegal.
PAYROLL TAX EXEMPTION FOR HIRING UNEMPLOYED WORKERS