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tax credit
(redirected from Refundable tax credit)

   Also found in: Financial, Wikipedia 0.01 sec.
tax credit
n
(Social Welfare) (in Britain) a social security benefit paid in the form of an additional income tax allowance
ThesaurusLegend:  Synonyms Related Words Antonyms
Noun1.tax credit - a direct reduction in tax liability (not dependent on the taxpayer's tax bracket)
reduction, step-down, diminution, decrease - the act of decreasing or reducing something


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The most immediate needs are for high-quality early childhood programs that help keep the most vulnerable children on track, child care subsidies so parents don't have to pull children out of care, unemployment insurance, food stamps, refundable tax credits so families don't go without food and basic necessities while parents are unemployed, health insurance, and extra funding for state health care budgets so that coverage isn't cut when families need it most.
Under the Circuit Breaker, seniors whose property taxes plus half of water and sewer bills, or 25 percent of rent, exceeds 10 percent of their income, can get a refundable tax credit of that amount up to a cap that increases with inflation, it was $900 in 2007 and will be $930 in 2008.
McCain's plan includes cutting the estate tax, eliminating the Alternative Minimum Tax, eventually doubling the $3,500 child tax deduction for every dependent, and providing refundable tax credits of $2,500 for individuals and $5,000 for families, who buy health insurance.
 
 
 
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