Relating to or having the quality of an exemption; tending to exempt or grant freedom from obligation.
From exempt plus the adjective-forming suffix -ive (having a quality or tendency). This is a less common variant of 'exempt' when used adjectivally in legal or formal contexts.
English has multiple ways to say the same thing—'exempt' and 'exemptive' both exist, but 'exempt' wins because it's shorter. This linguistic competition shows how languages are always editing themselves for efficiency.
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