Grandfather Clause

Grandfather Clause means:
a provision included in a new tax rule that exempts from the rule a person or business already engaged in the activity coming under regulation.

U.S. and other Developed Countries International Tax Meaning

Clause temporarily preserving legislation which exists at the time a law is modified or a (tax) treaty is concluded (or modified).

see Tax Code in the U.S. Encyclopedia and Tax Code in the Global Encyclopedia.