A legal status, bestowed by the IRS, which states that organizations have adequately demonstrated their charitable, education, religious, scientific or literary nature. By far the largest part, but not all, of tax-exempt organizations are non-profit corporations. Others include trusts and benevolent associations.
Income that by law is not subject to income tax.
Income that is not subject to tax. Income exempt from federal tax may, however, be subject to provincial taxation.
Income that is not subject to taxes. Employee Benefit Funds are tax-exempt organizations.
Customer is exempt from paying taxes. Tax exempt certificate must be on file with the official general services contractor.
Income which is not taxable.
Refers to parcels that are not required to pay property taxes such as government property and churches. Tax exempt properties are still responsible for any special assessments to the property.
Refers to organizations that do not have to pay federal or state corporate taxes or state sales taxes. Corporations and individuals who make donations to these organizations can deduct their contributions from their income tax. U/V/W/X/Y/Z
Refers to income or property which is not subject to tax. Interest on Municipal bond is not subject to federal income tax. Similarly, interest on a treasury bond is not subject to state or local income taxes.
See Income Tax Exempt Charity (ITEC)
When interest earned is exempt from taxes. Municipal bonds are exempt from Federal Taxes and depending upon the state issuing the Municipal bond it could also be free of state & local taxes. A triple tax-exempt municipal bond is free from Federal, State, & local taxes.
A term applied to organizations that are exempt from paying state or federal income tax. The federal income tax system recognizes a wide range of organizations as exempt from paying income tax under Section 501 of the Internal Revenue Code. But only tax-exempt entities that are recognized under Section 501(c)(3) of the Code can also give donors an income tax deduction for contributions to the organization. See 501(c)(3).
Income which is not taxed.
Income that is not subject to taxation. It is important to note that income exempt from federal taxation is not necessarily exempt from provincial taxation.
Income which is not liable for tax in the hands of the investor.
An activity or revenue source that is exempt from taxation by the unit of government granting the exemption. The IRS may grant income tax exemption; a state, franchise and sales tax exemption; and a municipality, personal and real property tax exemption tononprofit organizations.