Word: exempt
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...spectators rose as the black-robed chief justice and his two associates swept into the courtroom last night to rule whether the Divine Light Institute, a school practicing racial discrimination for religious reasons, should be granted tax-exempt status by the Internal Revenue Service...
Although the Whitehead Institute will have tax-exempt status because of its university affiliation. Healy said he has nearly completed negotiations that would bind Whitehead to a "substantial" annual in-lieu-of-tax payment for city services...
...money for public works by selling bonds. The costs of doing so are becoming staggering. One index of interest rates on such municipal bonds shows them averaging around 13%, almost exactly double the rate in 1979. That is a truly astonishing rate, because the interest on these bonds is exempt from federal income taxes; for a buyer in the 50% tax bracket, a 13% municipal-bond yield is equivalent to a 26% yield on a corporate bond. Moreover, states and cities are incurring these costs at a time when the recession is crimping tax receipts and the Reagan Administration...
...states and universities are beginning to look into contingency plans. In Massachusetts, the legislature has created an agency to raise money to be loaned at the modest interest rate of about 10% to students attending public and private colleges in the state. Illinois has approved the selling of tax-exempt bonds to provide an independent college student loan fund. Yale University is raising tuition by about 14%, partly to increase scholarship funds. Dickinson College, a small private school in Pennsylvania, has established a multimillion-dollar fund to loan money to parents whose children no longer qualify for guaranteed student loans...
...Jersey Division on Civil Rights denied Sally Frank's complaint last month, ruling that the eating clubs are private under New Jersey law and thus exempt from sex discrimination statutes. Frank claims that the clubs are affiliated with Princeton and so subject to such and will appeal to the Appelase Division of New Jersey Superior Court...