Skip to main content
Find a Lawyer

term:

Tax Credit

tax credit n

: an amount that may be subtracted from the sum of tax otherwise due and that is distinguished from a deduction applied to gross income in the calculation of taxable income compare exemption

Source: Merriam-Webster’s Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.
Copied to clipboard