TAX HOLIDAY Definition & Meaning

tax holiday

[ taks hol-i-dey ]

Phonetic (Standard)IPA

noun

a period of time during which the government reduces or suspends the collection of a tax, as payroll, property, or sales tax:
The state legislature declared a hurricane preparedness tax holiday for items like flashlights and battery-powered radios.

tax holiday

noun

a period during which tax concessions are made for some reason; examples include an export incentive or an incentive to start a new business given by some governments, in which a company is excused all or part of its tax liability

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�y��vlog History and Origins

Origin of tax holiday¹

First recorded in 1945–50

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Example Sentences

Examples have not been reviewed.

The budget also raises the standard deduction, removes the age requirement for a military retiree tax benefit and reinstates a popular back-to-school sales tax holiday that lawmakers forgot to renew.

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It also would increase the standard deduction, remove the age requirement for a military retiree tax benefit and reinstate a popular back-to-school sales tax holiday lawmakers forgot to renew.

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It would also increase the standard deduction, reinstate a popular sales tax holiday and allocate more revenue to public education and college financial aid, the statement said.

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Officials approved a variety of tax breaks and incentives, including: $273 million for a three-month sales tax holiday on groceries; more than $150 million in annual tax breaks aimed mainly at small businesses; and $350 million for improvements at sports venues in Memphis.

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It was not clear whether the Trump Organization would also benefit from tax breaks, which include a tax holiday for corporate tax for 10 to 20 years based on the investment value.

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