MLchartDataset catalogue

Tax credit

Term · Law · MLC-T-LAW-004841

A direct reduction in the amount of income tax owed, rather than a deduction from taxable income. This benefit directly lowers the tax liability dollar-for-dollar. Tax credits are established by legislative acts to incentivize certain behaviors, such as investing in renewable energy or adopting children.

Table 1. Record
IdentifierMLC-T-LAW-004841
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-004841",
  "term": "Tax credit",
  "field": "Law",
  "definition": "A direct reduction in the amount of income tax owed, rather than a deduction from taxable income. This benefit directly lowers the tax liability dollar-for-dollar. Tax credits are established by legislative acts to incentivize certain behaviors, such as investing in renewable energy or adopting children.",
  "url": "https://mlchart.com/terminology/law/tax-credit/"
}

Record 4,943 of 5,445 in Law terminology (MLC-0107). Request the full dataset.