Word: tax-exempt
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...financial firms, including Citigroup and J.P. Morgan Chase, moved their employees to other locations around the city and to nearby Jersey City, N.J. Government officials persuaded Goldman Sachs to erect a building near ground zero, but at a cost of more than $1.6 billion in Liberty Bonds--low-cost, tax-exempt bonds issued by the city and state governments. The city and state provided an additional $150 million in tax breaks...
...point out a course of action the piece’s authors overlooked—one that would allow the state to avoid this dilemma altogether. Massachusetts could amend its tax laws to revoke the favored tax status of private organizations incorporated under state law that discriminate based on sexual orientation. The federal tax code already provides for the revocation of favored tax treatment of otherwise tax-exempt private schools that practice racial discrimination, even for religious reasons. The Supreme Court, in Bob Jones University v. United States (1982), upheld the constitutionality of this provision against claims that it violates...
...backdating your check to avoid a late charge. But much more lucrative.) The backdating clause was in a larger bill introduced in the Senate by Charles Grassley, the Iowa Republican who heads the Senate Finance Committee. It was inserted in the Tax Relief Act, which provides aid for Hurricane Katrina victims and sets new policies for tax-exempt groups. With so many higher profile issues at stake, the clause on synfuels sailed right through with no discussion. Many lawmakers, if not most, don't even know it's there...
...fountain.But when it comes to dealing with space, Reeves is critical of his alma mater, despite his assertion that “in some ways, the relationship [between Harvard and Cambridge] has never been better.”Reeves insists that the University should pay taxes. Under state law, Harvard is tax-exempt because it is categorized as a non-profit institution.“There will never be a good reason for the citizens of Cambridge to subsidize Harvard. We’ve got people here who can’t afford to live in their working-class houses...
...scrutiny is a response to the exponential growth of the nonprofit sector over the past decade--and to concerns that some institutions are scamming the system by seeking tax-exempt status. The Internal Revenue Service lists more than 1.8 million charities, up from 739,000 charities 25 years ago. The tax-exempt sector includes not just soup kitchens and scholarship funds but also labor unions, hospitals, the NCAA--even Major League Baseball. "Today you see nonprofit holding companies," says Minnesota state attorney general Mike Hatch, who has aggressively pushed for better nonprofit governance. "We're dealing with multibillion-dollar enterprises...