noun
a legal or financial benefit that allows certain individuals or organizations to avoid paying taxes on specific income, property, or transactions
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The organization was granted tax exemption status due to its non-profit nature.
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My friend was excited to learn about the tax exemption for first-time homebuyers.
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I heard there's a sweet tax exemption deal for small businesses in the new law.
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His clever accounting tricks gave him a sort of tax exemption from his financial responsibilities.