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.

Learn More About tax credit

Dictionary Entries Near tax credit

Taxco

tax credit

tax-deductible

See More Nearby Entries 

Statistics for tax credit

Cite this Entry

“Tax credit.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/tax%20credit. Accessed 5 Dec. 2021.

Style: MLA
MLACheck Mark Icon ChicagoCheck Mark Icon APACheck Mark Icon Merriam-WebsterCheck Mark Icon

More Definitions for tax credit

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

WORD OF THE DAY

Test Your Vocabulary

Difficult Spelling Words Quiz

  • alphabet pasta spelling help
  • Which is the correct spelling?
How Strong Is Your Vocabulary?

Test your vocabulary with our 10-question quiz!

TAKE THE QUIZ
Love words? Need even more definitions?

Subscribe to America's largest dictionary and get thousands more definitions and advanced search—ad free!