{"iri":"https://folio.openlegalstandard.org/RBCp8wslqYg2QMIBJgDnViq","label":"Tax Credit","sub_class_of":["https://folio.openlegalstandard.org/RJ7P2VbioQVexfXhjLwsBI"],"parent_class_of":[],"is_defined_by":null,"see_also":[],"comment":null,"deprecated":false,"preferred_label":null,"alternative_labels":[],"translations":{},"hidden_label":null,"definition":"A Tax Credit is a monetary amount that taxpayers can subtract directly from their tax liability, reducing the total amount of tax owed. It differs from a tax deduction in that it provides a dollar-for-dollar reduction in tax liability, rather than reducing taxable income.","examples":[],"notes":[],"history_note":null,"editorial_note":null,"in_scheme":null,"identifier":null,"description":null,"source":null,"country":null}