exemption

American  

[ig-zemp-shuhn] / ɪgˈzɛmp ʃən /

noun

1. the circumstances of a taxpayer, such as their age or number of dependents, that allow them to make certain deductions from taxable income.

2. the act of exempting.

3. the state of being exempted; immunity.

   Synonyms:

   exception

   Antonyms:

   liability

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Related Words

Exemption, immunity, impunity imply special privilege or freedom from imposed requirements. Exemption implies release or privileged freedom from some duty, tax, etc.: exemption from military service. Immunity implies freedom from a penalty or from some liability, especially one that is disagreeable or threatening: immunity from disease. Impunity (limited mainly to the fixed expression with impunity ) primarily suggests freedom from punishment: The police force was so inadequate that crimes could be committed with impunity.

Other Word Forms

• exemptive adjective
• nonexemption noun
• preexemption noun

Etymology

Origin of exemption

First recorded in 1350–1400; late Middle English, from Middle French, from Latin exemptiōn- (stem of exemptiō ) “removal.” See exempt, -ion

Example Sentences

If you and your husband give $76,000 to your daughter and your son-in-law —both of you giving $19,000 to each separately — you are exactly within the federal annual gift-tax exemption.

From MarketWatch

Some of the damage of tariffs has been mitigated by lower interest rates, a fall in the value of the dollar, businesses finding clever ways around them, and, crucially, the many exemptions they contain.

From BBC

Others point out that the real tariff rates companies actually pay are lower than the headline numbers, thanks in part to loopholes and exemptions.

From The Wall Street Journal

South Korea’s military service requirement has long shaped the careers of its male entertainers, and BTS’s enlistment sparked widespread discussion about whether the group might receive an exemption.

From Salon

AstraZeneca also pledged to list many of its products on TrumpRx.com, a direct-to-consumer online drug marketplace, and pledged $50 billion to expand research and development efforts in the U.S. in exchange for a temporary tariff exemption.

From Barron's

Related Words

• discharge
• dispensation
• exception
• immunity
• privilege