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English definition of “tax credit”

tax credit

noun [C]
 
 
TAX
an amount of money calculated according to someone's personal situation that reduces the amount of tax they must pay: The tax credit will cost taxpayers $6.4 billion a year by the time all the nation's ethanol plants under construction are completed.a tax credit for sth The bill proposes a 65% tax credit for donations to private scholarship funds.get/receive/take a tax credit The Work Opportunity Tax Credits allows companies to take tax credits between $1,500 and $2,400 for each new employee hired among the eligible groups. a production/investment/energy tax creditchild/dividend/working tax credits Working tax credits are intended to fund childcare when parents return to work. → Compare tax deduction
(Definition of tax credit from the Cambridge Business English Dictionary © Cambridge University Press)
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