tax credit

noun

Definition of tax credit

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

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“Tax credit.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/tax%20credit. Accessed 29 Nov. 2020.

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tax credit

noun

Legal Definition of tax credit

: 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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