tax credit

Definition of "tax credit"
  1. A reduction in the total tax bill allowed by the IRS for those meeting specified conditions, such as the Child Tax Credit for parents or credits for first-time home buyers
How to use "tax credit" in a sentence
  1. He was eligible for a tax credit after buying his first house.
  2. The Child Tax Credit reduced their overall tax obligation.
  3. Their environmentally friendly business practices made them eligible for a tax credit.
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