Phrases with «nonrefundable credit»

A nonrefundable credit refers to a type of tax benefit that lowers the amount of tax you owe, but if the credit exceeds the total amount of tax you owe, you won't receive any money back or get a refund for the excess amount. In other words, it can only reduce the amount of tax you owe to zero and does not provide additional funds. Full definition

credit (parent phrase)
nonrefundable (parent phrase)

nonrefundable credit

Sentences with «nonrefundable credit»

Replace the mortgage interest deduction with a 12 percent nonrefundable credit for all taxpayers for mortgages on principal residence only. (taxpolicycenter.org)
Employers can claim up to $ 1,800 per employee, for up to 20 employees, in nonrefundable credits toward the business» state income taxes. (studentloans.net)
Many plans would streamline various education credits into one provision: Senators Wyden and Coats would create a single nonrefundable credit. (crfb.org)
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Phrases with «nonrefundable credit»

Sentences with «nonrefundable credit»

See also