Word: exempted
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...just as the N.A.A.C.P. has recovered its financial health, it is being investigated by the Internal Revenue Service. The IRS is reviewing the group's tax-exempt status on the grounds that it engaged in partisan politics, a no-no for nonprofits. N.A.A.C.P. chairman Julian Bond, who has accused the Bush Administration of drawing its "most rabid supporters from the Taliban wing of American politics," calls the probe an attempt to silence the group. "We're not going to allow any institution to prohibit us from fighting racism," he says...
...ludicrous situation only highlights that Harvard has no fundamental legal need to give the city anything on top of the $4.5 million it pays on non-tax-exempt properties. The extra $1.7 million that Harvard pays voluntarily under the PILOT is all gravy. We are not at all opposed to the PILOT program as such, but for Cambridge to anxiously squeal for more, instead of graciously acknowledging this gift from one of its largest taxpayers, is absurd. Cambridge will always put voting residents ahead of the students who call the city home, so trying to get more money...
Under a 1990 agreement with the city, Harvard contributes about $1.7 million each year in lieu of taxes, in addition to $4.5 million in property taxes on its non tax-exempt land. While the agreement is set to expire in 2010, Harvard officials and city leaders have been in talks for over a year to negotiate a new deal...
...agreement states that only 2.5 percent of MIT’s property can be converted to tax-exempt use over the next four decades. It also stipulates that any land that is converted will lose its tax-exempt status incrementally over four years, rather than being removed from the tax rolls immediately, according to MIT Office of Government and Community Relations Co-Director Sarah Gallop...
...converts more than 2.5 percent of its land to tax-exempt status—the likelihood of which Gallop said is impossible to predict—MIT will pay the city as if the additional land were still fully taxed...