Capable of being exempted or released from an obligation, duty, or requirement.
From exempt (from Latin eximere, 'to take out') combined with the suffix -ible (capable of being). The word emerged in legal English, though it's less common than 'exempt' itself.
You'll rarely see 'exemptible' used because 'exempt' already works as both verb and adjective—languages naturally prefer fewer words when one does multiple jobs. It's like having a fork and a spoon, but inventing a 'spoony' word.
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