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Refundable Credit |
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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. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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The most immediate needs are for high-quality early childhood programs that help keep the most vulnerable children on track, child care subsidies so parents don't have to pull children out of care, unemployment insurance, food stamps, refundable tax credits so families don't go without food and basic necessities while parents are unemployed, health insurance, and extra funding for state health care budgets so that coverage isn't cut when families need it most. Under the Circuit Breaker, seniors whose property taxes plus half of water and sewer bills, or 25 percent of rent, exceeds 10 percent of their income, can get a refundable tax credit of that amount up to a cap that increases with inflation, it was $900 in 2007 and will be $930 in 2008. McCain's plan includes cutting the estate tax, eliminating the Alternative Minimum Tax, eventually doubling the $3,500 child tax deduction for every dependent, and providing refundable tax credits of $2,500 for individuals and $5,000 for families, who buy health insurance. |
Refundable tax credit |
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