Main Entry: ex·cise Pronunciation: 'ek-"sIz, -"sIs Function: noun 1: a tax levied on the manufacture, sale, or consumption of a commodity —compare INCOME TAX, PROPERTY TAX 2: any of various taxes on privileges often assessed in the form of a license or other fee —see also Article I of the CONSTITUTION in the back matter —compare DIRECT TAX —excisetransitive verb