refundable credit
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Refundable Credit — A tax credit that is not limited by the amount of an individual s tax liability. Typically a tax credit only reduces an individual s tax liability to zero. Refundable credits go beyond this and so really can be considered the same as a payment.… … Investment dictionary
Additional Child Tax Credit — A refundable credit that can be claimed by taxpayers who are ineligible to claim the full non refundable child tax credit, because it exceeds their total tax liability. The additional child tax credit was created to reimburse taxpayers for the… … Investment dictionary
Low-Income Housing Tax Credit — This act provides an incentive for home developers to build, buy and refurbish housing for low income taxpayers. The Low Income Housing Tax Credit also provides a non refundable credit for those who invest in low income housing projects as a… … Investment dictionary
Lifetime Learning Credit — A federal initiative whereby a person is eligible for a non refundable credit for a specific amount spent on higher education tuition and fees during the year. These fees can be for the person, his or her spouse, or his or her dependents … Investment dictionary
Tax credit — The term tax credit describes two different concepts:*The first is a recognition of partial payment already made towards taxes due. *The second is a state benefit paid to employees through the tax system, which has the effect of increasing… … Wikipedia
Non-Refundable Tax Credit — A tax credit that can t reduce the amount of tax owed to less than zero. If the credit were able to reduce the amount of tax owed to less than zero, the taxpayer would be entitled to a payment from the government. Also referred to as a wastable… … Investment dictionary
Child tax credit — Taxation An aspect of fiscal policy … Wikipedia
Mortgage Credit Certificates — A certificate provided by the originating mortgage lender to the borrower that directly converts a portion of the mortgage interest paid by the borrower into a non refundable tax credit. Mortgage credit certificates can be issued by either loan… … Investment dictionary
Consumer Credit Act 1974 — United Kingdom Parliament Long title An Act to establish for the protection of consumers a new system, administered by the Director General of Fair Trading, of licensing and other control of traders concerned with the provision of credit, or the … Wikipedia
Earned income tax credit — The United States federal Earned Income Tax Credit (EITC or EIC) is a refundable tax credit. For tax year 2007, a claimant with one qualifying child can receive a maximum credit of $2,853. For two or more qualifying children, the maximum credit… … Wikipedia
Comparison of free credit report websites — The following chart compares free credit report websites, including what s free and what kind of credit reports are included. According to the Federal Trade Commission, AnnualCreditReport.com is the ONLY authorized source for the free annual… … Wikipedia
