exemption

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Related to exemptions: Personal Exemptions, Tax Exemptions

exemption

n. 1) in income taxation, a credit given for each dependent, blindness or other disability, and age over 65, which result in a downward calculation in tax levels. These are not to be confused with deductions which reduce gross income upon which taxes are paid. 2) a right to be excluded from, such as not being subject to attachment of one's wages if one is in a low-income bracket, or not being subject to the military draft if one is employed in essential industry, has several children or is a college student.

exemption

noun allowance, discharge, exception, freedom, freedom from duty, freedom from liability, freedom from obligation, freedom from reeuirements, freedom from service, immunitas, immunity, liberation, liberty, license, permit, privilege, release, release from liability, release from obligation, special privilege, vacuitas
Associated concepts: exemption from jury service, exemppion from sale, exemption statute, homestead exemption, personal exemption, tax exemption
See also: clause, clemency, condition, condonation, discharge, dispensation, exception, exclusion, excuse, franchise, freedom, grace period, immunity, impunity, leave, liberation, license, permission, privilege, probation, qualification, release, remission, reprieve, reservation, respite, salvo

EXEMPTION. A privilege which dispenses with the general rule; for example, in Pennsylvania, and perhaps in all the other states, clergymen are exempt from serving on juries. Exemptions are generally allowed, not for the benefit of the individual, but for some public advantage.

References in periodicals archive ?
As the taxpayer grows older, the time will come when he can no longer claim any additional exemption for his dependents.
She said that some of the new exemptions are almost identical to exemptions in the old system, while some are similar but have different limits and conditions, and others are completely new.
Most transfers should be straightforward because they include the same wastes, volumes and rules, and the EA has produced a booklet which highlights how old exemptions can be matched to new ones.
Despite the availability of certain size and experience exemptions (and perhaps other exemptions), it would be difficult for a franchisor to base its entire franchise sales program on exemptions.
Applying the tax exemptions to developers that build 20% affordable housing within the same building receiving the tax exemption, as opposed to being able to receive the exemption even if affordable housing was being built on another site.
The benefits, breaks and exemptions have become so extensive that one analyst said they threaten the separation of church and state.
Tiger Woods gave him one of four sponsor exemptions for the Target World Challenge.
977 (1974)], the court rejected an agency's conclusory affidavit stating that requested FOIA documents were subject to exemption, saying "A Vaughn Index must: (1) identify each document withheld; (2) state the statutory exemption claimed; and (3) explain how disclosure would damage the interests protected by the claimed exemption.
Not every statutory exemption is inappropriate, but every proposal deserves scrutiny.
THE WORKING FAMILIES TAX RELIEF ACT OF 2004 extends the alternative minimum tax exemption of $58,000 (married filing jointly) and $40,250 (single) through 2005.
Until the Columbia exemption, the Department of Labor, which oversees employee benefit plans under the Employee Retirement Income Security Act, had made it difficult for companies to fund employee benefits by using captives, said Sofia Tesfazion, a consultant within the global consulting group of Towers Perrin.
The Open Market Exemption is net available to Canco because Canco owns more than 10 percent of the Listed Shares, but three additional exemptions from the FIE Rules may apply.