Word: tax-exempt
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Strong and the legislators also singled out the provision in the plan which would take into account the tax-raising ability of localities. Areas such as Cambridge, in which 40 percent of the land is owned by universities and hospitals and consequently is tax-exempt, would benefit from that provision...
Corporations have long employed small armies of accountants and lawyers to find methods of legally avoiding taxes. These are often very successful. First Chicago Corp. (1981 assets: $33.6 billion) was able to use an array of credits, deductions and tax-exempt investments to eliminate all U.S. taxes on its 1980 income of $48 million. A recent Tax Analysts and Advocates survey sorted 405 major firms into industry groups and found that in 1980 they paid a median tax rate of 24%, well below the corporate ceiling...
...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...
...however, 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...