tax credit

Definition of tax credit

  1. :  an amount of money that is subtracted from taxes owed Families with children in college will receive a tax credit this year.

Word by Word Definitions

  1. :  a charge usually of money imposed by authority on persons or property for public purposes

    :  a sum levied on members of an organization to defray expenses

    :  a heavy demand

  1. :  to levy a tax on

    :  to make onerous and rigorous demands on

    :  charge, accuse

creditplay
  1. :  reliance on the truth or reality of something

    :  the balance in a person's favor in an account

    :  an amount or sum placed at a person's disposal by a bank

  1. :  to trust in the truth of :  believe

    :  to supply goods on credit to

    :  to bring credit or honor upon


Law Dictionary

tax credit

noun

Legal Definition of tax credit

  1. :  an amount that may be subtracted from the sum of tax otherwise due and that is distinguished from a deduction applied to gross income in the calculation of taxable income — compare exemption


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