Remit: (verb): to refrain from exacting.
From “A Rose for Emily” by William Faulkner:
“Alive, Miss Emily … dating from that day in 1894 when Colonel Sartoris, the mayor … remitted her taxes … Colonel Sartoris invented an involved tale to the effect that Miss Emily’s father had loaned money to the town, which the town, as a matter of business, preferred this way of repaying.”
This sentence states that Colonel Sartoris had stopped collecting taxes from Emily because of a (supposed) loan that her father gave the town.
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