tax exemption
noun
ukus [ U ] TAX, GOVERNMENT
a situation in which a person or organization does not have to pay tax:
There are tax advantages, such as tax exemption for up to three years on profits from exports.
a tax exemption on/for sth The city's tax exemption on exports dates back to the 1960s.
I am against a tax exemption for private schools.
[ C ] TAX (also exemption); ( UK also tax allowance)
an amount of money that can be taken off someone's income and savings, or a company's profits before the tax owed is calculated:
claim sb/sth as a tax exemption Taxpayers must provide Social Security numbers for each dependent claimed as a tax exemption.
a tax exemption on/for sth/sb He denied that he had claimed a tax exemption on his official limousine.
If you file a joint return, you can claim an exemption for your spouse.
As you fill out your federal income tax return, even before you report your income, the IRS asks you to list your personal exemptions.