This money is generally received by the beneficiaries free from income tax.

这些资金通常是由受益人享用的，它们都不需要付所得税。

youdao

The expenses or property arising from the use of the tax-free income of an enterprise shall not be deducted and may not be depreciated or amortized.

企业的不征税收入用于支出所形成的费用或者财产，不得扣除或者计算对应的折旧、摊销扣除。

youdao

Unlike corporate bonds or U.S. Treasuries, muni bond interest is often federal tax-free and exempt from state income tax of the state they are issued.

FORBES: Why You Should Stop Worrying And Love Muni Bonds

And many of the Lib Dem policies that have been accepted by the Tories, such as aiming to free low-earners from income-tax and contemplating cuts to NHS spending, are ones no centre-right party would struggle to swallow anyway.

ECONOMIST: The new coalition government

The USAA Texas Tax-Free Income Fund looks utterly pointless, given that Texas lacks an income tax from which to be exempt.

FORBES: The Funds: The Vanguard of Texas