Tax Abatement

Tax Abatement means:
a reprieve from a tax obligation. Tax abatements vary from partial to complete, according to how much of the tax is forgiven. Tax abatements are often given by governments as incentives for real estate or industrial development.

Example of Tax Abatement:

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Although the combined state, county, and city sales taxes in Pleasantville total 9%, the city offered a Wal-Mart store a tax abatement of 1% on the city sales tax as an incentive for locating there; the resulting 8% sales tax makes Wal-Mart a more attractive place to shop.

See Indirect Tax in the U.S. Reference and Indirect Tax in the International reference.

See Sales tax in the U.S. Encyclopedia and Sales tax in the International Encyclopedia