Exemption

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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.

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.

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.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
* Information about the Tax Exempt Bonds Division can be found at http://www.irs.gOv/T ax-ExemptBonds.
Second, the business must be unrelated to the tax exempt's charitable purposes.
In addition, a tax-exempt organization must file Form 990-W, Estimated Tax on Unrelated Business Taxable Income for Tax Exempt Organizations and make estimated tax payments on unrelated business income if it expects its total tax to be $500 or more for the year.
In total, the Members approved the sale of $54.3 million in tax exempt bonds and the use of $22.44 million of the Corporations reserves for these developments.
Farrell Fritz, PC announced that Peter Curry, a partner in its new Melville office, represented Michael Reilly Designs, Incorporated and its affiliate, Plant 7 Calverton, Inc., in a $7.1 million tax exempt bond financing with the Town of Riverhead Industrial Development Agency on Oct.
Charter Municipal Mortgage Acceptance Company and American Tax Exempt Bond Trust jointly announced that the merger of ATEBT with and into a wholly-owned subsidiary of CharterMac, CM Holding Trust, was finalized and certificates were mailed to shareholders on Nov.
"As a commercial condominium, the ownership opportunity at Two Dag Hammarskjold Plaza allows organizations such as missions and consulates to benefit from their tax exempt status, stabilize their occupancy costs, control their office and residential environments, and make a wise and timely investment in the market."

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