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Related to exemptions: Personal Exemptions, Tax Exemptions


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. 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 ?
That's according to Cook County Treasurer Maria Pappas, who said an estimated 26,500 homeowners who received a senior exemption last year did not have it applied to their bills this year.
As part of the last International Monetary Fund bailout, the overall tax exemptions were reduced substantially but the trend was reversed after the completion of the programme and the government offered several concessions to certain industries and individuals.
According to the Survey, the breakup of tax exemptions showed that Rs141.6 billion exemptions are given in income tax during ongoing fiscal year.
The disclosure is primarily aimed at withdrawing these exemptions in the new budget which Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh will unveil on Tuesday.
The major consequence to receiving two residency-based property tax exemptions is that the Florida homestead exemption for one spouse could be subject to challenge by the county property appraiser or a creditor.
1) exemptions of an economic nature--achieve a specific condition in the economy,
Additionally, another Rs19.3 billion was lost due to exemptions under the eight schedule of the Sales Tax Act that allows charging goods lower than the standard 17 per cent sales tax.
(Wait, let us reduce the 143 exemptions. That's why we cannot take off, just like a balloon, there are lots of holes.
B2B exemptions can be extremely beneficial, substantially decreasing a property holder's liability.
Experts say the exemptions to Chinese companies would inflict a loss of Rs.150 billion in revenue.
Of course, for exemption-based franchise programs to be viable, the franchisor's business model must be structured to accommodate applicable laws relating to such exemptions. For example, Starbuck's franchise sales program is designed to take advantage of fractional franchise exemptions available under federal and most (but not all) state franchise laws.