The Collaborative International Dictionary of English v.0.48:

Exempt \Ex*empt"\, n.
   1. One exempted or freed from duty; one not subject.
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   2. One of four officers of the Yeomen of the Royal Guard,
      having the rank of corporal; an Exon. [Eng.]
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The Collaborative International Dictionary of English v.0.48:

Exempt \Ex*empt"\, v. t. [imp. & p. p. Exempted; p. pr. & vb.
   n. Exempting.] [F. exempter. See Exempt, a.]
   1. To remove; to set apart. [Obs.] --Holland.
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   2. To release or deliver from some liability which others are
      subject to; to except or excuse from he operation of a
      law; to grant immunity to; to free from obligation; to
      release; as, to exempt from military duty, or from jury
      service; to exempt from fear or pain.
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            Death
            So snatched will not exempt us from the pain
            We are by doom to pay.                --Milton.
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The Collaborative International Dictionary of English v.0.48:

Exempt \Ex*empt"\, a. [F. exempt, L. exemptus, p. p. of eximere
   to take out, remove, free; ex out + emere to buy, take. Cf.
   Exon, Redeem.]
   1. Cut off; set apart. [Obs.]
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            Corrupted, and exempt from ancient gentry. --Shak.
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   2. Extraordinary; exceptional. [Obs.] --Chapman.
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   3. Free, or released, from some liability to which others are
      subject; excepted from the operation or burden of some
      law; released; free; clear; privileged; -- (with from):
      not subject to; not liable to; as, goods exempt from
      execution; a person exempt from jury service.
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            True nobility is exempt from fear.    --Shak.
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            T is laid on all, not any one exempt. --Dryden.
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WordNet (r) 3.0 (2006):

exempt
    adj 1: (of persons) freed from or not subject to an obligation
           or liability (as e.g. taxes) to which others or other
           things are subject; "a beauty somehow exempt from the
           aging process"; "exempt from jury duty"; "only the very
           poorest citizens should be exempt from income taxes"
           [ant: nonexempt]
    2: (of goods or funds) not subject to taxation; "the funds of
       nonprofit organizations are nontaxable"; "income exempt from
       taxation" [syn: nontaxable, exempt] [ant: nonexempt,
       taxable]
    v 1: grant relief or an exemption from a rule or requirement to;
         "She exempted me from the exam" [syn: exempt, relieve,
         free] [ant: apply, enforce, implement]
    2: grant exemption or release to; "Please excuse me from this
       class" [syn: excuse, relieve, let off, exempt]

Moby Thesaurus II by Grady Ward, 1.0:

56 Moby Thesaurus words for "exempt":
   absolve, acquit, amnesty, chartered, clear, decontaminate,
   destigmatize, discharge, dismiss, dispense from, dispense with,
   except, excepted, exculpate, excuse, excused, exempt from,
   exempted, exonerate, favored, forgive, free, give absolution,
   give dispensation from, grant amnesty to, grant immunity,
   grant remission, immune, irresponsible, justify, let go, let off,
   liberated, licensed, nonpros, pardon, permitted, privileged, purge,
   quash the charge, release, released, remise, remit,
   save the necessity, set free, shrive, spare, spared, unaccountable,
   unanswerable, unliable, unsubject, vindicate, whitewash,
   withdraw the charge