Letter T
tax
Tax Credit
A dollar-for-dollar reduction in the amount of tax owed, more valuable than a deduction because it directly reduces the tax liability rather than taxable income.
Related terms
More legal terms starting with T
Looking for citation help? How to cite law · Citation methodology
See also: Full glossary index
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.