tax credits
Tax credits are deductions that directly lower the amount of tax owed by an individual or business, reducing their tax liability by the full amount of the credit. Unlike tax deductions that reduce taxable income, tax credits provide a dollar-for-dollar reduction in the actual tax owed.
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Related Concepts (30)
- adoption tax credit
- capital gains tax
- child tax credit
- corporate tax
- corporate taxes
- earned income tax credit
- earned income tax credit (eitc)
- education tax credits
- electric vehicle incentives
- electric vehicle tax credit
- flat tax
- flat tax reforms
- historic preservation tax credits
- housing tax credits
- individual income tax reforms
- low-income housing tax credit
- personal income taxes
- progressivity of tax reforms
- renewable energy tax credits
- research and development tax credit
- sales taxes
- tax code simplification reforms
- tax credit reforms
- tax deductions
- tax planning
- tax policies
- tax policy reforms
- taxation
- taxation policies
- transfer payments
Similar Concepts
- estate tax deductions and credits
- foreign tax credits
- health care tax credits
- property tax credits
- tax benefits
- tax breaks
- tax codes
- tax credits and deductions for research and development
- tax credits for electric vehicles
- tax credits for research and development
- tax exemptions
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- tax incentives and exemptions
- tax sparing credits
- tax subsidies