tax expenditure
A term to know.
A revenue loss attributable to Code provisions, which allow a special exclusion, exemption, or deduction from gross income or which provide a special credit, a preferential rate of tax, or a deferral of tax liability. Thus, a tax expenditure includes any reductions in income tax liabilities that result from special tax provisions or regulations that provide tax benefits to particular taxpayers. See the Report of the Joint Committee on Taxation (JCX-15-11) for further information.
Synonyms:
tax expenditures
Synonyms list
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tax expenditures