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Finance Dictionary and Glossary of Investment Terms
tax credit
Definition 1.
The direct dollar-for-dollar reduction of an individual's tax liability; compare with tax deduction, which reduces an individual's tax liability only in proportion to his/her tax bracket.
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Definition 2.
A direct dollar-for-dollar reduction in tax allowed for expenses such as child care and R&D for building low-income housing. Compare tax deduction.
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Definition 3.
A dollar for dollar reduction in the tax payment required from a person.
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