tax-exempt

[taks-ig-zempt]
adjective
1.
not subject or liable to taxation: tax-exempt imports.
2.
providing income that is not taxable: tax-exempt municipal bonds.
noun
3.
a tax-exempt security.

Origin:
1920–25

Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
tax-exempt
 
adj
1.  (of an income or property) exempt from taxation
2.  (of an asset) earning income that is not subject to taxation

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
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Example sentences
People were warned that churches would lose their tax-exempt status, which was
  untrue.
As government workers are laid off and government programs shrink, the public
  role of private, tax-exempt non-profits expands.
If this step were taken, experiments on cell fusion might no longer be
  supported by federal funds or tax-exempt organizations.
It's impossible to strengthen the individual market for health care if employer
  provided plans are tax-exempt.
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