Meaning of “tax abatement” in the English Dictionary

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"tax abatement" in Business English

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tax abatementnoun [ C or U ]

uk us TAX, FINANCE, PROPERTY

a reduction in the amount of tax that a business would normally have to pay in a particular situation, for example to encourage investment:

The development is eligible for a 10-year property tax abatement.
Without tax abatement, I will never get the loans to finance the project.
a tax abatement package/programme

(Definition of “tax abatement” from the Cambridge Business English Dictionary © Cambridge University Press)