tax exemption

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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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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.