# Tax Credit

**IRI:** https://folio.openlegalstandard.org/RBCp8wslqYg2QMIBJgDnViq

## Labels

## 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.

## Sub Class Of

- https://folio.openlegalstandard.org/RJ7P2VbioQVexfXhjLwsBI

**Deprecated:** False