Meaning of “tax credit” in the English Dictionary

business-english dictionary

"tax credit" in Business English

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tax creditnoun [ C ]

uk us 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.
child/dividend/working tax credits Working tax credits are intended to fund childcare when parents return to work.

(Definition of “tax credit” from the Cambridge Business English Dictionary © Cambridge University Press)

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