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When the amount of a credit is greater than the tax owed, taxpayers can only reduce their tax to zero; they cannot receive a "refund" for any excess nonrefundable credit.
- Browse Related Terms: amount due, deficit, Direct Deposit, inflation, interest, interest income, nonrefundable credit, Refund, refundable credit, tax liability (or total tax bill), taxes, withholding ("pay-as-you-earn" taxation)
All > Business > Finance > Personal Finance > Income Tax
A state's refusal to recognize or obey a federal law.
- Browse Related Terms: direct tax, indirect tax, informal tax legislation process, Internal Revenue Service (IRS), mass tax, nullification, Revenue, sin tax, tax avoidance, voluntary compliance