The conversion of the CDCTC from a nonrefundable credit
to a refundable one also reflects an important policy change identified in the recently released National Academies of Sciences study, A Roadmap to Reducing Child Poverty, and would help to reduce child poverty so that all our nations children have a fair opportunity to succeed.
The saver's credit, under Internal Revenue Code (IRC) section 25B, allows lower-income taxpayers who are neither dependents nor full-time students a nonrefundable credit
for contributions made to elective deferral plans and to IRAs, even Roth IRAs.
The California Competes Tax Credit (CCTC) is a nonrefundable credit
for businesses that are looking to grow within California, whether they are already doing business here or relocating to the state.
(88) The CTC was originally codified as a nonrefundable credit
. (89) However, it has gone through several substantial amendments since 1997, including the supplement of the Additional Child Tax Credit ("ACTC"), the term for the inclusion of a refundable portion of the CTC.
Lifetime learning credit is a per-taxpayer, nonrefundable credit
of up to $2,000 that applies only to expenses for tuition and fees.
In his testimony, McCracken pointed to various problems with the tax credit, including its complexity, the fact that it is a temporary and nonrefundable credit
and its exclusion of self-employed individuals.
(5) The nonrefundable credit
must be reduced by the amount of the refundable credit.
Over the past four years, these companies moved into animation production, helped by BTVP, local incentives and a generous, partially nonrefundable credit
line from government-owned bank BNDES.
The final Ohio RD tax incentive is the new nonrefundable credit
against the commercial activity tax, found in ORC [section] 5751.52.
These initiatives range from Vermont's refundable credit (equal to a third of the federal amount) down to Maine's 5-percent nonrefundable credit
. Advocates continue to press other states to sign on.
On the other hand, evidence mitigating the sellers' blameworthiness included that (1) its practice of requiring a nonrefundable credit
application fee to process a loan was not untenable; (2) almost no other applicants were required to put down deposits nearly as large as Watson's; and (3) the vast majority of the 2,000 applicants either went through with the purchase or were refunded their deposits on the financing company's rejection.
This nonrefundable credit
starts with the 2002 tax year.