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English definition of “tax abatement”

tax abatement

noun [C or U]     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 noun from the Cambridge Business English Dictionary © Cambridge University Press)
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