The direct dollar-for-dollar reduction of an individual's tax liability; compare with tax deduction, which reduces an individual's tax liability only in proportion to his/her tax bracket.
Related information about tax credit:
- Tax credit - Wikipedia, the free encyclopedia
A tax credit is a sum deducted from the total amount a taxpayer owes to the state. A tax credit may be granted for various types of taxes, such as an income tax, ...
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- MD Homestead Tax Credit
Homestead Tax Credit for Maryland property owners.