exemption

ex·emp·tion

noun \ig-ˈzem(p)-shən\

Definition of EXEMPTION

1

: the act of exempting or state of being exempt : immunity

2

: one that exempts or is exempted; especially : a source or amount of income exempted from taxation

Examples of EXEMPTION

1. They were granted exemptions from military service.
2. You can claim a tax exemption for each of your dependents.

First Known Use of EXEMPTION

14th century

Related to EXEMPTION

Synonyms: impunity, immunity

Related Words: aegis (also egis), armor, cover, defense, guard, protection, safeguard, safety, security, shield; buffer, bumper, screen; absolution, absolving, dispensation, forgiveness

Near Antonyms: exposure, liability, openness, susceptibility, susceptibleness, vulnerability

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Other Economics Terms

actuary, compound interest, globalization, indemnity, portfolio, rentier, stagflation, usurer