Definition of tax credit in English:

tax credit

noun

  • An amount of money that can be offset against a tax liability.

    • ‘I put in for the tax credit last October, received one small payment and then had them suspended.’
    • ‘With our household income reducing following tax code changes, the tax credit is vital.’
    • ‘The good news is that families with children on low incomes will get a significant boost to their child tax credit payments from next year.’
    • ‘The child tax credit is subject to strict income limitations on both the upside and downside.’
    • ‘Arizona offers a tax credit for donations to privately funded voucher programs.’

Pronunciation:

tax credit

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