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• A dollar-for-dollar reduction in the tax. Can be deducted directly from taxes owed.

  Internal Revenue Service - Cite This Source - This Definition
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  Cite Definition for Tax credit

  American Psychological Association (APA)

  Tax credit. (n.d.). Understanding Taxes Student Glossary. Retrieved June 10, 2023, from website: http://www.expertglossary.com/definition/tax-credit.

  Chicago Manual of Style (CMS)

  Tax credit. apps.irs.gov. Understanding Taxes Student Glossary. Internal Revenue Service. http://www.expertglossary.com/definition/tax-credit (accessed: June 10, 2023).

  Modern Language Association (MLA)

  "Tax credit." Understanding Taxes Student Glossary. Internal Revenue Service. 10 June. 2023 http://www.expertglossary.com/definition/tax-credit.

• Browse Related Terms: federal income tax, infant industry, protective tariff, public goods and services, revenue tariff, tariff, tax code, Tax credit, tax cut, tax evasion

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