Refundable tax credit
1 definition found for this term.
Definitions are presented in the order source books were published (most recent first).
Income Tax Law, 2/e$75.00 – $120.00
Where a tax credit is refundable, a portion of the credit which is not needed to reduce a taxpayer’s tax liability (because it is already zero) may be paid to the taxpayer. An example is the refundable investment tax credit.