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 high court, by the slimmest of majorities, held that owners of tax-exempt property are not part of the required 25 percent because, while their land is included in the "valuation" of property tax, they owners are not "assessed" a tax.
Treasury also provides estimated tax penalty relief in 2018 to tax-exempt organizations that offer these benefits and were not required to report unrelated business income last filing season.
Edgardo 'Sonny' Angara Jr., chair of the Senate ways and means committee which is deliberating on TRAIN, said fixing the ceiling for tax-exempt housing sales to P2 million was in line with President Duterte's policy direction of spreading economic growth and opportunities outside Metro Manila.
* Vanguard California Long-Term Tax-Exempt Fund Investor (VCITX) and Admiral (VCLAX) shares declined one and three basis points to 0.19% and 0.09%, respectively.
In recent years, reportable UBTI of tax-exempt organizations with alternative investments has increased significantly, possibly because of an increase in debt-financed activity conducted by the alternative investments.
Individual NFL teams do not have tax-exempt status.
"By allowing tax-exempt institutions to join the taxable segment of the market, we expect to have gradual increase in buy-sell transactions within and across categories," Purisima said in a statement.
In September 2013 the IRS proposed regulations that would impose arbitrage restrictions on tax-exempt bonds.
"Tax-exempt municipal bonds are a critical financing tool for clean water agencies and their communities across the country," said NACWA Executive Director Ken Kirk.
person (including a tax-exempt organization) that has a financial interest in or signature authority over foreign financial accounts with an aggregate value that exceeds $10,000 at any time during the calendar year must file Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR).
America First Tax Exempt Investors is engaged in acquiring, holding, selling and dealing with a portfolio of federally tax-exempt mortgage revenue bonds that have been issued to ensure construction and/or permanent funding of multifamily residential flats.
The number of tax-exempt organizations filing tax returns actually grew by 3.1 percent, to 1.385 million.