exemption

ex·emp·tion

noun \ig-ˈzem(p)-shən\

: freedom from being required to do something that others are required to do

: a source or amount of income that is not taxed

Full 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

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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

Other Economics Terms

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