Beginning January 1, 2008, local tax caps on single transactions will no longer apply when retailers collect city and county sales and use taxes. Since the caps no longer apply, retailers will collect the full amount of state, city, and county taxes on all transactions.
acÂ·credÂ·iÂ·taÂ·tion. (É-krÄdâ²Ä­-tÄâ²shÉn) n. The act of accrediting or the state of being accredited, especially the granting of approval to an institution of learning by an official review board after the school has met specific requirements.
Most accreditation organizations use the same standards and criteria to accredit each program type; however, accreditation is granted for specific periods of time that differ between individual schools and programs. : Specialized accreditation is a type of national accreditation that focuses on specific areas of study and individual programs. 2  This is sometimes called professional accreditation, because it means specific programs meet the national standards for that field of study.