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tax exemption
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 Columbia Encyclopedia, 6th ed.. 2011. Encyclopedia.com. 1 Jun. 2012 <http://www.encyclopedia.com>. "tax exemption." The Columbia Encyclopedia, 6th ed.. 2011. Encyclopedia.com. (June 1, 2012). http://www.encyclopedia.com/doc/1E1-taxexemp.html "tax exemption." The Columbia Encyclopedia, 6th ed.. 2011. Retrieved June 01, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1E1-taxexemp.html |
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tax-exempt
tax-ex·empt • adj. not liable or obligated to pay taxes: the foundation has applied for tax-exempt status. ∎ bearing interest on which no taxes are imposed: ask about our tax-exempt savings plans. |
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Cite this article
"tax-exempt." The Oxford Pocket Dictionary of Current English. 2009. Encyclopedia.com. 1 Jun. 2012 <http://www.encyclopedia.com>. "tax-exempt." The Oxford Pocket Dictionary of Current English. 2009. Encyclopedia.com. (June 1, 2012). http://www.encyclopedia.com/doc/1O999-taxexempt.html "tax-exempt." The Oxford Pocket Dictionary of Current English. 2009. Retrieved June 01, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1O999-taxexempt.html |
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tax exemption
tax ex·emp·tion • the process of exempting a person or organization from paying taxes, usu. on a specified amount of income. ∎ a taxpayer's dependent exempted in this way. |
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Cite this article
"tax exemption." The Oxford Pocket Dictionary of Current English. 2009. Encyclopedia.com. 1 Jun. 2012 <http://www.encyclopedia.com>. "tax exemption." The Oxford Pocket Dictionary of Current English. 2009. Encyclopedia.com. (June 1, 2012). http://www.encyclopedia.com/doc/1O999-taxexemption.html "tax exemption." The Oxford Pocket Dictionary of Current English. 2009. Retrieved June 01, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1O999-taxexemption.html |
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