Third-person singular present tense of exempt; grants or releases someone from a duty or requirement.
From exempt (Latin eximere, 'to take out'). The third-person -s ending is one of the oldest features of English grammar, inherited from Germanic languages.
The word 'exempts' is doing two jobs in English—it marks both present tense AND third-person singular. Most languages are lazy like this, using one form for multiple grammatical meanings.
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