tax credit

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tax credit

n
(Social Welfare) (in Britain) a social security benefit paid in the form of an additional income tax allowance
Collins English Dictionary – Complete and Unabridged, 12th Edition 2014 © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014
ThesaurusAntonymsRelated WordsSynonymsLegend:
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
Based on WordNet 3.0, Farlex clipart collection. © 2003-2012 Princeton University, Farlex Inc.
References in periodicals archive ?
For example, provisions of Section 65B provide tax credit against tax payable under the normal, minimum and final tax regimes by a taxpayer company making investment in the purchase of plant and machinery for expansion, extension, balancing, modernising and replacing the already installed plant and machinery in an industrial undertaking.
Social Security benefits will be applied as a foreign tax credit against tax paid or withheld in the U.S.," says Zemelman.
(10) Consequently, a taxpayer can only take a passive activity credit against tax attributable to passive activity income.
Businesses will not be able to claim tax credits until the goods shipped are sold." The time lag in claiming input credit against tax paid on inter-state stock transfer will also increase working capital requirements.
The bill also would strengthen the credit by increasing the easier-to-use alternative simplified credit from 14% to 20%, as well as allow small businesses to claim the credit against tax and AMT liability.
Under the agreement, tax paid in Hong Kong will be allowed as a credit against tax payable in the UAE.

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