tax credit


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

Examples of tax credit in a Sentence

Recent Examples on the Web While some argue the law was a workaround for the initiative, state Sen. Lou Ann Linehan of Elkhorn, a sponsor of both bills, said this year’s law was crafted with the public’s response to the initial tax credit in mind. Maya Marchel Hoff, USA TODAY, 3 July 2024 The budget also boosted revenue by pulling more money from the fees paid by various professions, such as doctors and accountants, and capping a tax credit program benefiting private school tuition. Mary Jo Pitzl, The Arizona Republic, 18 June 2024 In a particularly fiery moment, Sen. Mark Steffen, a Hutchinson Republican who isn’t running for reelection, criticized the inclusion of a tax credit related to daycare. Jonathan Shorman, Kansas City Star, 18 June 2024 Troubling the industry this year has been uncertainty surrounding the future of what was once a rather lucrative film and TV tax credit, with some projects placed on pause due to the confusion and others moving to nearby Spain, we’re told. Max Goldbart, Deadline, 14 June 2024 See all Example Sentences for tax credit 

These examples are programmatically compiled from various online sources to illustrate current usage of the word 'tax credit.' Any opinions expressed in the examples do not represent those of Merriam-Webster or its editors. Send us feedback about these examples.

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Cite this Entry

“Tax credit.” Dictionary, Merriam-Webster, Accessed 19 Jul. 2024.

Legal Definition

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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