Provision holding that a law or rule does
not apply to a particular person, entity, or group
(e.g., a company with a property tax exemption
does not have to pay property taxes).

Merriam-Webster Online Dictionary
exemption (noun)
the act of or state of being - exempting exempt immunity
one that or is - exempts exempted , especially a source or amount of income exempted from taxation
Merriam-Webster Online Thesaurus
exemption (noun)
freedom from punishment, harm, or loss
exemption, immunity
aegis ( egis), armor, cover, defense, guard, protection, safeguard, safety, security, shield; buffer, bumper, screen; absolution, absolving, dispensation, forgiveness
exposure, liability, openness, susceptibility, susceptibleness, vulnerability
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