Usually means: Reduction in taxable income amount.
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We found 11 dictionaries that define the word tax shield:

General (3 matching dictionaries)
  1. tax shield: Wiktionary
  2. tax shield: Dictionary.com
  3. Tax shield: Wikipedia, the Free Encyclopedia

Business (8 matching dictionaries)
  1. MoneyGlossary.com (No longer online)
  2. INVESTORWORDS (No longer online)
  3. Tax shield: bizterms.net
  4. Tax shield: Bloomberg Financial Glossary
  5. Tax shield: Moneyterms
  6. Tax Shield: Investopedia
  7. Tax Shield: Financial dictionary
  8. BusinessDictionary.com (No longer online)

Definitions from Wiktionary (tax shield)

noun:  The reduction in income taxes that results from taking an allowable deduction from taxable income.

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