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Refundable Credit
(redirected from Refundable Credits)

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Refundable Credit
A direct, dollar-for-dollar reduction of one's tax liability in which one still receives a tax refund even if one's liability drops below zero. That is, if a taxpayer otherwise owes $2,000 to the government, but takes $3,000 in refundable credits, then the government owes $1,000 to the taxpayer. Relatively few tax credits are refundable; most are limited to the amount of one's tax liability. However, the earned income tax credit is a common example of a refundable credit.
Refundable Credit
A credit for which the IRS will send the taxpayer a refund for any amount in excess of the taxpayer's tax liability.
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It is important to note that Table 2 reports net misreporting percentages by true AGI group, where net misreporting percentages are defined as the sum of estimated misreporting divided by the sum of the absolute values of the corresponding true values, be it AGI in the first column and tax after refundable credits in the second column.
The distribution of income tax noncompliance by Johns, Andrew; Slemrod, Joel / National Tax Journal
The act also redesignated the adoption credit's section of the Internal Revenue Code from section 23 to new section 36C, to place it in the refundable credits subpart of the Code.
Adoption credit and exclusion expanded by Journal of Accountancy
Therefore, B claims $4 million of refundable credits for its tax year ending December 31, 2008.
Electing to accelerate AMT and research credits in lieu of bonus ... by Chang, Anne / The Tax Adviser
 
 
 
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