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<span class="vector-toc-numb">2</span> <span>Credit for payments</span> </div> </a> <ul id="toc-Credit_for_payments-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Individual_income_tax_credits" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Individual_income_tax_credits"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Individual income tax credits</span> </div> </a> <button aria-controls="toc-Individual_income_tax_credits-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Individual income tax credits subsection</span> </button> <ul id="toc-Individual_income_tax_credits-sublist" class="vector-toc-list"> <li id="toc-Low_income_subsidies" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Low_income_subsidies"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Low income subsidies</span> </div> </a> <ul id="toc-Low_income_subsidies-sublist" class="vector-toc-list"> <li id="toc-United_Kingdom" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#United_Kingdom"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1.1</span> <span>United Kingdom</span> </div> </a> <ul id="toc-United_Kingdom-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-United_States" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#United_States"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1.2</span> <span>United States</span> </div> </a> <ul id="toc-United_States-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Canada" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Canada"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1.3</span> <span>Canada</span> </div> </a> <ul id="toc-Canada-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Family_relief" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Family_relief"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Family relief</span> </div> </a> <ul id="toc-Family_relief-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Education,_energy_and_other_subsidies" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Education,_energy_and_other_subsidies"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span>Education, energy and other subsidies</span> </div> </a> <ul id="toc-Education,_energy_and_other_subsidies-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Business_tax_credits" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Business_tax_credits"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Business tax credits</span> </div> </a> <button aria-controls="toc-Business_tax_credits-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Business tax credits subsection</span> </button> <ul id="toc-Business_tax_credits-sublist" class="vector-toc-list"> <li id="toc-United_States_2" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#United_States_2"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1</span> <span>United States</span> </div> </a> <ul id="toc-United_States_2-sublist" class="vector-toc-list"> <li id="toc-Federal_nonrefundable_investment_tax_credits" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Federal_nonrefundable_investment_tax_credits"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1.1</span> <span>Federal nonrefundable investment tax credits</span> </div> </a> <ul id="toc-Federal_nonrefundable_investment_tax_credits-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Federal_Historic_Rehabilitation_Tax_Credit" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Federal_Historic_Rehabilitation_Tax_Credit"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1.2</span> <span>Federal Historic Rehabilitation Tax Credit</span> </div> </a> <ul id="toc-Federal_Historic_Rehabilitation_Tax_Credit-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Renewable_Energy/Investment_Tax_Credit_(ITC)" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Renewable_Energy/Investment_Tax_Credit_(ITC)"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1.3</span> <span>Renewable Energy/Investment Tax Credit (ITC)</span> </div> </a> <ul id="toc-Renewable_Energy/Investment_Tax_Credit_(ITC)-sublist" class="vector-toc-list"> <li id="toc-Renewable_Energy/Production_Tax_Credit_(PTC)" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#Renewable_Energy/Production_Tax_Credit_(PTC)"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1.3.1</span> <span>Renewable Energy/Production Tax Credit (PTC)</span> </div> </a> <ul id="toc-Renewable_Energy/Production_Tax_Credit_(PTC)-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Low_Income_(Affordable)_Housing_Tax_Credit_(LIHTC)" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#Low_Income_(Affordable)_Housing_Tax_Credit_(LIHTC)"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1.3.2</span> <span>Low Income (Affordable) Housing Tax Credit (LIHTC)</span> </div> </a> <ul id="toc-Low_Income_(Affordable)_Housing_Tax_Credit_(LIHTC)-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Qualified_School_Construction_Bond_(QSCB)" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#Qualified_School_Construction_Bond_(QSCB)"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1.3.3</span> <span>Qualified School Construction Bond (QSCB)</span> </div> </a> <ul id="toc-Qualified_School_Construction_Bond_(QSCB)-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Research_&_Development_Tax_Credit" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Research_&_Development_Tax_Credit"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1.4</span> <span>Research & Development Tax Credit</span> </div> </a> <ul id="toc-Research_&_Development_Tax_Credit-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Work_Opportunity_Tax_Credit_(WOTC)" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Work_Opportunity_Tax_Credit_(WOTC)"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1.5</span> <span>Work Opportunity Tax Credit (WOTC)</span> </div> </a> <ul id="toc-Work_Opportunity_Tax_Credit_(WOTC)-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-American_Opportunity_Tax_Credit_(AOTC)" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#American_Opportunity_Tax_Credit_(AOTC)"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1.6</span> <span>American Opportunity Tax Credit (AOTC)</span> </div> </a> <ul id="toc-American_Opportunity_Tax_Credit_(AOTC)-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-State_tax_credits" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#State_tax_credits"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1.7</span> <span>State tax credits</span> </div> </a> <ul id="toc-State_tax_credits-sublist" class="vector-toc-list"> <li id="toc-Oregon_Residential_Energy_Tax_Credit_(RETC)" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#Oregon_Residential_Energy_Tax_Credit_(RETC)"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1.7.1</span> <span>Oregon Residential Energy Tax Credit (RETC)</span> </div> </a> <ul id="toc-Oregon_Residential_Energy_Tax_Credit_(RETC)-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> </ul> </li> <li id="toc-Value_added_tax" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Value_added_tax"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Value added tax</span> </div> </a> <ul id="toc-Value_added_tax-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Foreign_tax_credit" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Foreign_tax_credit"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Foreign tax credit</span> </div> </a> <ul id="toc-Foreign_tax_credit-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Credits_for_alternative_tax_bases" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Credits_for_alternative_tax_bases"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Credits for alternative tax bases</span> </div> </a> <ul id="toc-Credits_for_alternative_tax_bases-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label 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rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><table class="sidebar sidebar-collapse nomobile nowraplinks hlist"><tbody><tr><td class="sidebar-pretitle">Part of a series on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Tax" title="Tax">Taxation</a></th></tr><tr><td class="sidebar-image"><span typeof="mw:File"><a href="/wiki/File:10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b1/10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg/100px-10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg.png" decoding="async" width="100" height="113" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b1/10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg/150px-10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b1/10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg/200px-10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg.png 2x" data-file-width="440" data-file-height="496" /></a></span></td></tr><tr><td class="sidebar-above"> An aspect of <a href="/wiki/Fiscal_policy" title="Fiscal policy">fiscal policy</a></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Tax_policy" title="Tax policy">Policies</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Government_revenue" title="Government revenue">Government revenue</a></li> <li><a href="/wiki/Property_tax_equalization" title="Property tax equalization">Property tax equalization</a></li> <li><a href="/wiki/Tax_revenue" title="Tax revenue">Tax revenue</a></li> <li><a href="/wiki/Non-tax_revenue" title="Non-tax revenue">Non-tax revenue</a></li> <li><a href="/wiki/Tax_law" title="Tax law">Tax law</a></li> <li><a href="/wiki/Tax_bracket" title="Tax bracket">Tax bracket</a> <ul><li><a href="/wiki/Flat_tax" title="Flat tax">Flat tax</a></li></ul></li> <li><a href="/wiki/Income_tax_threshold" title="Income tax threshold">Tax threshold</a></li> <li><a href="/wiki/Tax_exemption" title="Tax exemption">Exemption</a></li> <li><a class="mw-selflink selflink">Credit</a></li> <li><a href="/wiki/Tax_deduction" title="Tax deduction">Deduction</a></li> <li><a href="/wiki/Tax_shift" title="Tax shift">Tax shift</a></li> <li><a href="/wiki/Tax_cut" title="Tax cut">Tax cut</a></li> <li><a href="/wiki/Tax_holiday" title="Tax holiday">Tax holiday</a></li> <li><a href="/wiki/Tax_amnesty" title="Tax amnesty">Tax amnesty</a></li> <li><a href="/wiki/Tax_advantage" title="Tax advantage">Tax advantage</a></li> <li><a href="/wiki/Tax_incentive" title="Tax incentive">Tax incentive</a></li> <li><a href="/wiki/Tax_reform" title="Tax reform">Tax reform</a></li> <li><a href="/wiki/Tax_harmonization" title="Tax harmonization">Tax harmonization</a></li> <li><a href="/wiki/Tax_competition" title="Tax competition">Tax competition</a></li> <li><a href="/wiki/Tax_withholding" title="Tax withholding">Tax withholding</a></li> <li><a href="/wiki/Double_taxation" title="Double taxation">Double taxation</a></li> <li><a href="/wiki/No_taxation_without_representation" title="No taxation without representation">Representation</a></li> <li><a href="/wiki/Taxpayer_groups" title="Taxpayer groups">Unions</a></li> <li><a href="/wiki/Medical_savings_account" title="Medical savings account">Medical savings account</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Tax#Economic_effects" title="Tax">Economics</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> General Theory</th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/Effect_of_taxes_and_subsidies_on_price" title="Effect of taxes and subsidies on price">Price effect</a></li> <li><a href="/wiki/Excess_burden_of_taxation" title="Excess burden of taxation">Excess burden</a></li> <li><a href="/wiki/Tax_incidence" title="Tax incidence">Tax incidence</a></li> <li><a href="/wiki/Laffer_curve" title="Laffer curve">Laffer curve</a></li> <li><a href="/wiki/Optimal_tax" title="Optimal tax">Optimal tax</a></li> <li><a href="/wiki/Theories_of_taxation" title="Theories of taxation">Theories</a></li> <li><a href="/wiki/Optimal_capital_income_taxation" title="Optimal capital income taxation">Optimal capital income taxation</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Distribution of Tax</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Tax_rate" title="Tax rate">Tax rate</a></li> <li><a href="/wiki/Flat_tax" title="Flat tax">Flat</a></li> <li><a href="/wiki/Progressive_tax" title="Progressive tax">Progressive</a></li> <li><a href="/wiki/Regressive_tax" title="Regressive tax">Regressive</a></li> <li><a href="/wiki/Proportional_tax" title="Proportional tax">Proportional</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Tax_collection" class="mw-redirect" title="Tax collection">Collection</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Revenue_service" title="Revenue service">Revenue service</a></li> <li><a href="/wiki/Revenue_stamp" title="Revenue stamp">Revenue stamp</a></li> <li><a href="/wiki/Tax_assessment" title="Tax assessment">Tax assessment</a></li> <li><a href="/wiki/Taxable_income" title="Taxable income">Taxable income</a></li> <li><a href="/wiki/Tax_lien" title="Tax lien">Tax lien</a></li> <li><a href="/wiki/Tax_refund" title="Tax refund">Tax refund</a></li> <li><a href="/wiki/Tax_shield" title="Tax shield">Tax shield</a></li> <li><a href="/wiki/Tax_residence" title="Tax residence">Tax residence</a></li> <li><a href="/wiki/Tax_preparation" class="mw-redirect" title="Tax preparation">Tax preparation</a></li> <li><a href="/wiki/Tax_investigation" title="Tax investigation">Tax investigation</a></li> <li><a href="/wiki/Tax_shelter" title="Tax shelter">Tax shelter</a></li> <li><a href="/wiki/Tax_collector" title="Tax collector">Tax collector</a></li> <li><a href="/wiki/Privatized_tax_collection" title="Privatized tax collection">Private tax collection</a></li> <li><a href="/wiki/Farm_(revenue_leasing)" title="Farm (revenue leasing)">Tax farming</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Tax_noncompliance" title="Tax noncompliance">Noncompliance</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> General</th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/Tax_avoidance" title="Tax avoidance">Tax avoidance</a> <ul><li><a href="/wiki/Repatriation_tax_avoidance" title="Repatriation tax avoidance">Repatriation tax avoidance</a></li></ul></li> <li><a href="/wiki/Tax_evasion" title="Tax evasion">Tax evasion</a></li> <li><a href="/wiki/Tax_resistance" title="Tax resistance">Tax resistance</a></li> <li><a href="/wiki/Tax_shelter" title="Tax shelter">Tax shelter</a></li> <li><a href="/wiki/Debtors%27_prison" title="Debtors' prison">Debtors' prison</a></li> <li><a href="/wiki/Smuggling" title="Smuggling">Smuggling</a></li> <li><a href="/wiki/Black_market" title="Black market">Black market</a></li> <li><a href="/wiki/Unreported_employment" title="Unreported employment">Unreported employment</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Corporate</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Tax_inversion" title="Tax inversion">Tax inversion</a></li> <li><a href="/wiki/Transfer_mispricing" title="Transfer mispricing">Transfer mispricing</a></li> <li><a href="/wiki/Base_erosion_and_profit_shifting" title="Base erosion and profit shifting">Base erosion and profit shifting</a> (BEPS)</li> <li><a href="/wiki/Double_Irish_arrangement" title="Double Irish arrangement">Double Irish</a></li> <li><a href="/wiki/Dutch_Sandwich" title="Dutch Sandwich">Dutch Sandwich</a></li> <li><a href="/wiki/Double_Irish_arrangement#Replacement_by_single_malt" title="Double Irish arrangement">Single Malt</a></li> <li><a href="/wiki/Double_Irish_arrangement#Backstop_of_capital_allowances" title="Double Irish arrangement">CAIA</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Locations</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Tax_haven" title="Tax haven">Tax havens</a></li> <li><a href="/wiki/Corporate_haven" title="Corporate haven">Corporate havens</a></li> <li><a href="/wiki/Offshore_financial_centre" title="Offshore financial centre">Offshore financial centres</a> (OFCs)</li> <li><a href="/wiki/Offshore_magic_circle" title="Offshore magic circle">Offshore magic circle</a></li> <li><a href="/wiki/Conduit_and_sink_OFCs" title="Conduit and sink OFCs">Conduit and sink OFCs</a></li> <li><a href="/wiki/Financial_centre" title="Financial centre">Financial centres</a></li> <li><a href="/wiki/Financial_Secrecy_Index" title="Financial Secrecy Index">Financial Secrecy Index</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Major examples</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Ireland_as_a_tax_haven" title="Ireland as a tax haven">Ireland as a tax haven</a> <ul><li><i><a href="/wiki/Apple%27s_EU_tax_dispute" title="Apple's EU tax dispute">Ireland v. Commission</a></i></li> <li><a href="/wiki/Leprechaun_economics" title="Leprechaun economics">Leprechaun economics</a></li></ul></li> <li><a href="/wiki/2008_Liechtenstein_tax_affair" title="2008 Liechtenstein tax affair">Liechtenstein tax affair</a></li> <li><a href="/wiki/LuxLeaks" title="LuxLeaks">Luxembourg Leaks</a></li> <li><a href="/wiki/Offshore_Leaks" title="Offshore Leaks">Offshore Leaks</a></li> <li><a href="/wiki/Paradise_Papers" title="Paradise Papers">Paradise Papers</a></li> <li><a href="/wiki/Panama_Papers" title="Panama Papers">Panama Papers</a></li> <li><a href="/wiki/Swiss_Leaks" title="Swiss Leaks">Swiss Leaks</a></li> <li><a href="/wiki/United_States_as_a_tax_haven" title="United States as a tax haven">United States as a tax haven</a></li> <li><a href="/wiki/Panama_as_a_tax_haven" title="Panama as a tax haven">Panama as a tax haven</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/List_of_taxes" title="List of taxes">Types</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Direct_tax" title="Direct tax">Direct</a></li> <li><a href="/wiki/Indirect_tax" title="Indirect tax">Indirect</a></li> <li><a href="/wiki/Per_unit_tax" title="Per unit tax">Per unit</a></li> <li><a href="/wiki/Ad_valorem_tax" title="Ad valorem tax">Ad valorem</a></li> <li><a href="/wiki/Aviation_taxation_and_subsidies" title="Aviation taxation and subsidies">Aviation</a> <ul><li><a href="/wiki/Airport_improvement_fee" title="Airport improvement fee">Airport improvement</a></li> <li><a href="/wiki/Landing_fee" title="Landing fee">Landing</a></li> <li><a href="/wiki/Solidarity_tax_on_airplane_tickets" title="Solidarity tax on airplane tickets">Solidarity</a></li></ul></li> <li><a href="/wiki/Capital_gains_tax" title="Capital gains tax">Capital gains</a> <ul><li><a href="/wiki/Expatriation_tax" title="Expatriation tax">Expatriation</a></li></ul></li> <li><a href="/wiki/Consumption_tax" title="Consumption tax">Consumption</a> <ul><li><a href="/wiki/Departure_tax" title="Departure tax">Departure</a></li> <li><a href="/wiki/Hotel_tax" class="mw-redirect" title="Hotel tax">Hotel</a></li> <li><a href="/wiki/Sales_tax" title="Sales tax">Sales</a></li> <li><a href="/wiki/Stamp_duty" title="Stamp duty">Stamp</a></li> <li><a href="/wiki/Television_licence" title="Television licence">Television</a></li> <li><a href="/wiki/Tourist_tax" title="Tourist tax">Tourist</a></li> <li><a href="/wiki/Value-added_tax" title="Value-added tax">Value-added</a></li></ul></li> <li><a href="/wiki/Dividend_tax" title="Dividend tax">Dividend</a></li> <li><a href="/wiki/Environmental_tax" title="Environmental tax">Environmental tax</a> <ul><li><a href="/wiki/Carbon_tax" title="Carbon tax">Carbon</a></li> <li><a href="/wiki/Eco-tariff" title="Eco-tariff">Eco-tariff</a></li> <li><a href="/wiki/Landfill_tax" title="Landfill tax">Landfill</a></li> <li><a href="/wiki/Natural_resources_consumption_tax" title="Natural resources consumption tax">Natural resources consumption</a></li> <li><a href="/wiki/Severance_tax" title="Severance tax">Severance</a></li> <li><a href="/wiki/Steering_tax" title="Steering tax">Steering</a></li> <li><a href="/wiki/Stumpage" title="Stumpage">Stumpage</a></li></ul></li> <li><a href="/wiki/Excise" title="Excise">Excise</a> <ul><li><a href="/wiki/Alcohol_law" title="Alcohol law">Alcohol</a></li> <li><a href="/wiki/Cigarette_taxes_in_the_United_States" title="Cigarette taxes in the United States">Cigarette</a></li> <li><a href="/wiki/Fat_tax" title="Fat tax">Fat</a></li> <li><a href="/wiki/Meat_tax" title="Meat tax">Meat</a></li> <li><a href="/wiki/Sin_tax" title="Sin tax">Sin</a></li> <li><a href="/wiki/Sugary_drink_tax" title="Sugary drink tax">Sugary drink</a></li> <li><a href="/wiki/Tobacco_smoking" title="Tobacco smoking">Tobacco</a></li></ul></li> <li><a href="/wiki/Consolidated_Fund" title="Consolidated Fund">General</a></li> <li><a href="/wiki/Georgism" title="Georgism">Georgist</a></li> <li><a href="/wiki/Gift_tax" title="Gift tax">Gift</a></li> <li><a href="/wiki/Gross_receipts_tax" title="Gross receipts tax">Gross receipts</a></li> <li><a href="/wiki/Hypothecated_tax" title="Hypothecated tax">Hypothecated</a></li> <li><a href="/wiki/Income_tax" title="Income tax">Income</a></li> <li><a href="/wiki/Inheritance_tax" title="Inheritance tax">Inheritance (estate)</a></li> <li><a href="/wiki/Land_value_tax" title="Land value tax">Land value</a></li> <li><a href="/wiki/Luxury_tax" title="Luxury tax">Luxury</a></li> <li><a href="/wiki/Payroll_tax" title="Payroll tax">Payroll</a></li> <li><a href="/wiki/Pigouvian_tax" title="Pigouvian tax">Pigouvian</a></li> <li><a href="/wiki/Property_tax" title="Property tax">Property</a></li> <li><a href="/wiki/Resource_rent_tax" title="Resource rent tax">Resource rent</a></li> <li><a href="/wiki/Single_tax" title="Single tax">Single</a></li> <li><a href="/wiki/Surtax" title="Surtax">Surtax</a></li> <li><a href="/wiki/Turnover_tax" title="Turnover tax">Turnover</a></li> <li><a href="/wiki/Use_tax" title="Use tax">Use</a></li> <li><a href="/wiki/User_charge" title="User charge">User charge</a>/<a href="/wiki/User_fee" title="User fee">fee</a> <ul><li><a href="/wiki/Congestion_pricing" title="Congestion pricing">Congestion</a></li> <li><a href="/wiki/Fuel_tax" title="Fuel tax">Fuel</a></li> <li><a href="/wiki/Road_pricing" title="Road pricing">Road</a>/<a href="/wiki/GNSS_road_pricing" title="GNSS road pricing">GNSS</a></li> <li><a href="/wiki/Toll_(fee)" title="Toll (fee)">Toll</a></li> <li><a href="/wiki/Vehicle_miles_traveled_tax" title="Vehicle miles traveled tax">Vehicle miles traveled</a></li></ul></li> <li><a href="/wiki/Corporate_tax" title="Corporate tax">Corporate profit</a></li> <li><a href="/wiki/Excess_profits_tax" title="Excess profits tax">Excess profits</a></li> <li><a href="/wiki/Windfall_tax" title="Windfall tax">Windfall</a></li> <li><a href="/wiki/Negative_income_tax" title="Negative income tax">Negative (income)</a></li> <li><a href="/wiki/Wealth_tax" title="Wealth tax">Wealth</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/International_taxation" title="International taxation">International</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Financial_transaction_tax" title="Financial transaction tax">Financial transaction tax</a></li> <li><a href="/wiki/Association_for_the_Taxation_of_Financial_Transactions_and_for_Citizens%27_Action" title="Association for the Taxation of Financial Transactions and for Citizens' Action">ATTAC</a></li> <li><a href="/wiki/Currency_transaction_tax" title="Currency transaction tax">Currency transaction tax</a></li> <li><a href="/wiki/Common_Consolidated_Corporate_Tax_Base" title="Common Consolidated Corporate Tax Base"><span class="wrap">European Union Common Consolidated Corporate Tax Base</span></a> (CCCTB)</li> <li><a href="/wiki/Global_minimum_corporate_tax_rate" title="Global minimum corporate tax rate">Global minimum corporate tax rate</a></li> <li><a href="/wiki/Robin_Hood_tax" title="Robin Hood tax">Robin Hood tax</a></li> <li><a href="/wiki/Tobin_tax" title="Tobin tax">Tobin tax</a></li> <li><a href="/wiki/Spahn_tax" title="Spahn tax">Spahn tax</a></li> <li><a href="/wiki/Tax_equalization" title="Tax equalization">Tax equalization</a></li> <li><a href="/wiki/Tax_treaty" title="Tax treaty">Tax treaty</a></li> <li><a href="/wiki/Exchange_of_Information" class="mw-redirect" title="Exchange of Information">Exchange of Information</a></li> <li><a href="/wiki/Permanent_establishment" title="Permanent establishment">Permanent establishment</a></li> <li><a href="/wiki/Transfer_pricing" title="Transfer pricing">Transfer pricing</a></li> <li><a href="/wiki/European_Union_financial_transaction_tax" title="European Union financial transaction tax">European Union FTT</a></li> <li><a href="/wiki/Rule_against_foreign_revenue_enforcement" title="Rule against foreign revenue enforcement">Foreign revenue rule</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Trade" title="Trade">Trade</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Customs" title="Customs">Custom</a></li> <li><a href="/wiki/Duty_(economics)" class="mw-redirect" title="Duty (economics)">Duty</a></li> <li><a href="/wiki/Tariff" title="Tariff">Tariff</a> <ul><li><a href="/wiki/Import" title="Import">Import</a></li> <li><a href="/wiki/Export" title="Export">Export</a></li></ul></li> <li><a href="/wiki/Trade_war" title="Trade war">Tariff war</a></li> <li><a href="/wiki/Free_trade" title="Free trade">Free trade</a></li> <li><a href="/wiki/Free-trade_zone" title="Free-trade zone">Free-trade zone</a></li> <li><a href="/wiki/Trade_agreement" title="Trade agreement">Trade agreement</a></li> <li><a href="/wiki/ATA_Carnet" title="ATA Carnet">ATA Carnet</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)">Research</div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Academic</th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/Mihir_A._Desai" title="Mihir A. Desai">Mihir A. Desai</a></li> <li><a href="/wiki/Dhammika_Dharmapala" title="Dhammika Dharmapala">Dhammika Dharmapala</a></li> <li><a href="/wiki/James_R._Hines_Jr." title="James R. Hines Jr.">James R. Hines Jr.</a></li> <li><a href="/wiki/Ronen_Palan" title="Ronen Palan">Ronen Palan</a></li> <li><a href="/wiki/Joel_Slemrod" title="Joel Slemrod">Joel Slemrod</a></li> <li><a href="/wiki/Gabriel_Zucman" title="Gabriel Zucman">Gabriel Zucman</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Advocacy groups</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Institute_on_Taxation_and_Economic_Policy" title="Institute on Taxation and Economic Policy">Institute on Taxation and Economic Policy</a> (ITEP)</li> <li><a href="/wiki/Oxfam" title="Oxfam">Oxfam</a> (UK)</li> <li><a href="/wiki/Tax_Foundation" title="Tax Foundation">Tax Foundation</a> (US)</li> <li><a href="/wiki/Tax_Justice_Network" title="Tax Justice Network">Tax Justice Network</a> (TJN)</li> <li><a href="/wiki/Tax_Policy_Center" title="Tax Policy Center">Tax Policy Center</a> (US)</li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Religion" title="Religion">Religious</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Church_tax" title="Church tax">Church tax</a></li> <li><a href="/wiki/Eight_per_thousand" title="Eight per thousand">Eight per thousand</a></li> <li><a href="/wiki/Teind" title="Teind">Teind</a></li> <li><a href="/wiki/Tithe" title="Tithe">Tithe</a></li> <li><a href="/wiki/Fiscus_Judaicus" title="Fiscus Judaicus">Fiscus Judaicus</a></li> <li><a href="/wiki/Leibzoll" title="Leibzoll">Leibzoll</a></li> <li><a href="/wiki/Temple_tax" title="Temple tax">Temple tax</a></li> <li><a href="/wiki/Tolerance_tax" title="Tolerance tax">Tolerance tax</a></li> <li><a href="/wiki/Jizya" title="Jizya">Jizya</a></li> <li><a href="/wiki/Kharaj" title="Kharaj">Kharaj</a></li> <li><a href="/wiki/Khums" title="Khums">Khums</a></li> <li><a href="/wiki/Nisab" title="Nisab">Nisab</a></li> <li><a href="/wiki/Zakat" title="Zakat">Zakat</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Category:Taxation_by_country" title="Category:Taxation by country">By country</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> All Countries</th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/List_of_countries_by_tax_rates" title="List of countries by tax rates">List of countries by tax rates</a></li> <li><a href="/wiki/List_of_countries_by_tax_revenue_to_GDP_ratio" class="mw-redirect" title="List of countries by tax revenue to GDP ratio">Tax revenue to GDP ratio</a></li> <li><a href="/wiki/Tax_rates_in_Europe" title="Tax rates in Europe">Tax rates in Europe</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Individual Countries</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Taxation_in_Albania" title="Taxation in Albania">Albania</a></li> <li><a href="/wiki/Taxation_in_Algeria" title="Taxation in Algeria">Algeria</a></li> <li><a href="/wiki/Taxation_in_Argentina" title="Taxation in Argentina">Argentina</a></li> <li><a href="/wiki/Taxation_in_Armenia" title="Taxation in Armenia">Armenia</a></li> <li><a href="/wiki/Taxation_in_Australia" title="Taxation in Australia">Australia</a></li> <li><a href="/wiki/Taxation_in_Azerbaijan" title="Taxation in Azerbaijan">Azerbaijan</a></li> <li><a href="/wiki/Taxation_in_Bangladesh" title="Taxation in Bangladesh">Bangladesh</a></li> <li><a href="/wiki/Taxation_in_Bhutan" title="Taxation in Bhutan">Bhutan</a></li> <li><a href="/wiki/Taxation_in_Brazil" title="Taxation in Brazil">Brazil</a></li> <li><a href="/wiki/Taxation_in_Bulgaria" title="Taxation in Bulgaria">Bulgaria</a></li> <li><a href="/wiki/Taxation_in_the_British_Virgin_Islands" title="Taxation in the British Virgin Islands">BVI</a></li> <li><a href="/wiki/Taxation_in_Canada" title="Taxation in Canada">Canada</a></li> <li><a href="/wiki/Taxation_in_China" title="Taxation in China">China</a></li> <li><a href="/wiki/Taxation_in_Colombia" title="Taxation in Colombia">Colombia</a></li> <li><a href="/wiki/Taxation_in_Croatia" title="Taxation in Croatia">Croatia</a></li> <li><a href="/wiki/Taxation_in_Denmark" title="Taxation in Denmark">Denmark</a></li> <li><a href="/wiki/Taxation_in_Finland" title="Taxation in Finland">Finland</a></li> <li><a href="/wiki/Taxation_in_France" title="Taxation in France">France</a></li> <li><a href="/wiki/Taxation_in_Germany" title="Taxation in Germany">Germany</a></li> <li><a href="/wiki/Taxation_in_Greece" title="Taxation in Greece">Greece</a></li> <li><a href="/wiki/Taxation_in_Hong_Kong" title="Taxation in Hong Kong">Hong Kong</a></li> <li><a href="/wiki/Taxation_in_Iceland" title="Taxation in Iceland">Iceland</a></li> <li><a href="/wiki/Taxation_in_India" title="Taxation in India">India</a></li> <li><a href="/wiki/Taxation_in_Indonesia" title="Taxation in Indonesia">Indonesia</a></li> <li><a href="/wiki/Taxation_in_Iran" title="Taxation in Iran">Iran</a></li> <li><a href="/wiki/Taxation_in_the_Republic_of_Ireland" title="Taxation in the Republic of Ireland">Ireland</a></li> <li><a href="/wiki/Taxation_in_Israel" title="Taxation in Israel">Israel</a></li> <li><a href="/wiki/Taxation_in_Italy" title="Taxation in Italy">Italy</a></li> <li><a href="/wiki/Taxation_in_Japan" title="Taxation in Japan">Japan</a></li> <li><a href="/wiki/Taxation_in_Kazakhstan" title="Taxation in Kazakhstan">Kazakhstan</a></li> <li><a href="/wiki/Taxation_in_Lithuania" title="Taxation in Lithuania">Lithuania</a></li> <li><a href="/wiki/Taxation_in_Malta" title="Taxation in Malta">Malta</a></li> <li><a href="/wiki/Taxation_in_Morocco" title="Taxation in Morocco">Morocco</a></li> <li><a href="/wiki/Taxation_in_Namibia" title="Taxation in Namibia">Namibia</a></li> <li><a href="/wiki/Taxation_in_the_Netherlands" title="Taxation in the Netherlands">Netherlands</a></li> <li><a href="/wiki/Taxation_in_New_Zealand" title="Taxation in New Zealand">New Zealand</a></li> <li><a href="/wiki/Taxation_in_Norway" title="Taxation in Norway">Norway</a></li> <li><a href="/wiki/Taxation_in_Pakistan" title="Taxation in Pakistan">Pakistan</a></li> <li><a href="/wiki/Taxation_in_the_State_of_Palestine" title="Taxation in the State of Palestine">Palestine</a></li> <li><a href="/wiki/Taxation_in_Peru" title="Taxation in Peru">Peru</a></li> <li><a href="/wiki/Taxation_in_the_Philippines" title="Taxation in the Philippines">Philippines</a></li> <li><a href="/wiki/Taxation_in_Poland" title="Taxation in Poland">Poland</a></li> <li><a href="/wiki/Taxation_in_Portugal" title="Taxation in Portugal">Portugal</a></li> <li><a href="/wiki/Taxation_in_Russia" title="Taxation in Russia">Russia</a></li> <li><a href="/wiki/Taxation_in_South_Africa" title="Taxation in South Africa">South Africa</a></li> <li><a href="/wiki/Taxation_in_Sri_Lanka" title="Taxation in Sri Lanka">Sri Lanka</a></li> <li><a href="/wiki/Taxation_in_Sweden" title="Taxation in Sweden">Sweden</a></li> <li><a href="/wiki/Taxation_in_Switzerland" title="Taxation in Switzerland">Switzerland</a></li> <li><a href="/wiki/Taxation_in_Taiwan" title="Taxation in Taiwan">Taiwan</a></li> <li><a href="/wiki/Taxation_in_Tanzania" title="Taxation in Tanzania">Tanzania</a></li> <li><a href="/wiki/Taxation_in_the_United_Arab_Emirates" title="Taxation in the United Arab Emirates">United Arab Emirates</a></li> <li><a href="/wiki/Taxation_in_the_United_Kingdom" title="Taxation in the United Kingdom">United Kingdom</a></li> <li><a href="/wiki/Taxation_in_the_United_States" title="Taxation in the United States">United States</a></li> <li><a href="/wiki/Taxation_in_Uruguay" title="Taxation in Uruguay">Uruguay</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-below" style="background-color: #efefef;"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/16px-Bills_and_coins.svg.png" decoding="async" width="16" height="8" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/24px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span> </span><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Taxation" title="Template:Taxation"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Taxation" title="Template talk:Taxation"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Taxation" title="Special:EditPage/Template:Taxation"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>A <b>tax credit</b> is a <a href="/wiki/Tax_incentive" title="Tax incentive">tax incentive</a> which allows certain taxpayers to subtract the amount of the credit they have accrued from the total they owe the <a href="/wiki/State_(polity)" title="State (polity)">state</a>.<sup id="cite_ref-simple_1-0" class="reference"><a href="#cite_note-simple-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> It may also be a credit granted in recognition of taxes already paid or a form of state "discount" applied in certain cases. Another way to think of a tax credit is as a rebate. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Refundable_vs._non-refundable">Refundable vs. non-refundable</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tax_credit&action=edit&section=1" title="Edit section: Refundable vs. non-refundable"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A refundable tax credit is one which, if the credit exceeds the taxes due, the government pays back to the taxpayer the difference.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> In other words, it makes possible a negative tax liability.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> For example, if a taxpayer has an initial tax liability of $100 and applies a $300 tax credit, then the taxpayer ends with a liability of –$200 and the government refunds to the taxpayer that $200. </p><p>With a non-refundable tax credit, if the credit exceeds the taxes due then the taxpayer pays nothing but does not receive the difference. In this case, the taxpayer from the example would end with a tax liability of $0 (i.e. they could make use of only $100 of the $300 credit) and the government would <i>not</i> refund the taxpayer the $200 difference. </p> <div class="mw-heading mw-heading2"><h2 id="Credit_for_payments">Credit for payments</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tax_credit&action=edit&section=2" title="Edit section: Credit for payments"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Many systems refer to taxes paid indirectly, such as taxes withheld by payers of income, as credits rather than prepayments. In such cases, the tax credit is invariably refundable. The most common forms of such amounts are <a href="/wiki/Payroll_withholding" class="mw-redirect" title="Payroll withholding">payroll withholding</a> of income tax or <a href="/wiki/PAYE" class="mw-redirect" title="PAYE">PAYE</a>, <a href="/wiki/Withholding_tax" class="mw-redirect" title="Withholding tax">withholding of tax</a> at source on payments to nonresidents, and input credits for <a href="/wiki/Value_added_tax" class="mw-redirect" title="Value added tax">value added tax</a>. </p> <div class="mw-heading mw-heading2"><h2 id="Individual_income_tax_credits">Individual income tax credits</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tax_credit&action=edit&section=3" title="Edit section: Individual income tax credits"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Income tax systems often grant a variety of credits to individuals. These typically include credits available to all taxpayers as well as tax credits unique to individuals. Some credits may be offered for a single year only. </p> <div class="mw-heading mw-heading3"><h3 id="Low_income_subsidies">Low income subsidies</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tax_credit&action=edit&section=4" title="Edit section: Low income subsidies"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Several income tax systems provide income subsidies to lower income individuals by way of credit. These credits may be based on income, family status, work status, or other factors. Often such credits are refundable when total credits exceed tax liability. </p> <div class="mw-heading mw-heading4"><h4 id="United_Kingdom">United Kingdom</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tax_credit&action=edit&section=5" title="Edit section: United Kingdom"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In the United Kingdom, the <a href="/wiki/Child_Tax_Credit" class="mw-redirect" title="Child Tax Credit">Child Tax Credit</a> and <a href="/wiki/Working_Tax_Credit" title="Working Tax Credit">Working Tax Credit</a> were paid directly into the claimant's bank account or <a href="/wiki/Post_Office_Ltd#Banking_services" class="mw-redirect" title="Post Office Ltd">Post Office Card Account</a>. In exceptional circumstances, these can be paid by cashcheque (sometimes called <a href="/wiki/Giro_(banking)" title="Giro (banking)">giro</a>). However, payments may stop if account details are not provided.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> A minimum level of Child Tax Credits is payable to all individuals or couples with children, up to a certain income limit. The actual amount of Child Tax Credits that a person may receive depended on these factors: the level of their income, the number of children they have, whether the children are receiving <a href="/wiki/Disability_Living_Allowance" title="Disability Living Allowance">Disability Living Allowance</a> and the education status of any children over sixteen years of age. Since 2018, Child Tax Credit has been replaced by <a href="/wiki/Universal_Credit" title="Universal Credit">Universal Credit</a> for most people. </p><p><a href="/wiki/Working_Tax_Credit" title="Working Tax Credit">Working Tax Credit</a> is paid to single low earners with or without children who are aged 25 or over and are working over 30 hours per week and also to couples without children, at least one of whom is over 25, provided that at least one of them is working for 30 hours a week. If the claimant has children they could claim Working Tax Credit from age sixteen and up, provided that they are working at least sixteen hours per week.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> It is being replaced by <a href="/wiki/Universal_Credit" title="Universal Credit">Universal Credit</a>. </p><p>Tax Credits were capped which many sources claimed affects the poorest families disproportionately. A survey by End Child Poverty estimated that roughly 1.5 million parents have reduced spending on basics like food and fuel.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> According to Gavin Kelly of the <a href="/wiki/Resolution_Foundation" title="Resolution Foundation">Resolution Foundation</a>, tax credits help raise <a href="/wiki/Living_standard" class="mw-redirect" title="Living standard">living standards</a> of low paid workers. He wrote in the <i><a href="/wiki/New_Statesman" title="New Statesman">New Statesman</a></i>, "Perhaps the biggest misconception is the voguish notion that if tax credits are cut, employers will somehow decide to offer pay rises to fill the gap. This is saloon-bar economics espoused by some on both left and right."<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p><p>On 15 September 2015, the House of Commons voted<sup id="cite_ref-BBC15/09/2015_8-0" class="reference"><a href="#cite_note-BBC15/09/2015-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> to decrease Tax Credit thresholds, a law that came into effect on 6 April 2016.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup><sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Accuracy_dispute#Disputed_statement" title="Wikipedia:Accuracy dispute"><span title="As of 2020 this is still marked as a draft, "not made" so not in fact in effect (March 2022)">dubious</span></a> – <a href="/wiki/Talk:Tax_credit#Dubious" title="Talk:Tax credit">discuss</a></i>]</sup> Opponents claimed that it would harm those on low incomes. Simon Hopkins, Chief Executive of charity <a href="/wiki/Turn2us" title="Turn2us">Turn2us</a> commented "Today's vote in the House of Commons will mean one thing for many of the poorest working families in the UK; they are going to get poorer. Tax credits are a vital source of income for those on a low wage and for many they make up a substantial portion of their monthly income."<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>The <a href="/wiki/Institute_for_Fiscal_Studies" title="Institute for Fiscal Studies">IFS</a> supported the opposition view that the effects of the changes would disproportionately reduce the income of poor families, even taking into account reductions in income tax and an increase in the <a href="/wiki/National_Living_Wage" title="National Living Wage">National Living Wage</a>.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> The government responded that the tax credit system had, for too long, been used to subsidise low pay and the changes would bring total expenditure on tax credits back down to more sustainable levels seen in 2007–08.<sup id="cite_ref-BBC15/09/2015_8-1" class="reference"><a href="#cite_note-BBC15/09/2015-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>On 26 October 2015 the House of Lords supported a motion from <a href="/wiki/Molly_Meacher,_Baroness_Meacher" title="Molly Meacher, Baroness Meacher">Baroness Meacher</a> delaying the imposition of the cuts until a new consideration of the effects could be made by the House of Commons.<sup id="cite_ref-NigelMorris_12-0" class="reference"><a href="#cite_note-NigelMorris-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="United_States">United States</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tax_credit&action=edit&section=6" title="Edit section: United States"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The U.S. system grants the following low income tax credits: </p> <ul><li><a href="/wiki/Earned_income_credit" class="mw-redirect" title="Earned income credit">Earned income credit</a>: this refundable credit is granted for a percentage of income earned by a low income individual. The credit is calculated and capped based on the number of qualifying children, if any. This credit is indexed for inflation and phased out for incomes above a certain amount. For 2016, the maximum credit was $6,269 for taxpayers with three or more qualifying children.</li> <li>Credit for the elderly and disabled: a nonrefundable credit up to $1,125.</li> <li>Retirement savings contribution credit: a nonrefundable credit of up to 50% for up to $2000 of contributions to qualified retirement savings plans, such as <a href="/wiki/Individual_retirement_account" title="Individual retirement account">IRAs</a> (including the <a href="/wiki/Roth_IRA" title="Roth IRA">Roth</a>, <a href="/wiki/SEP_IRA" class="mw-redirect" title="SEP IRA">SEP</a> and <a href="/wiki/SIMPLE_IRA" title="SIMPLE IRA">IRA</a>), <a href="/wiki/401(k)" title="401(k)">401(k)</a>/<a href="/wiki/403(b)" title="403(b)">403(b)</a>/<a href="/wiki/457_plan" title="457 plan">457</a> plans and the <a href="/wiki/Thrift_Savings_Plan" title="Thrift Savings Plan">Thrift Savings Plan</a>; phased out starting (for the 2014 tax year) at incomes above $18,000 for single returns, $27,000 for heads of household, and $36,000 for joint returns.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup></li> <li>Mortgage interest credit: a nonrefundable credit that may be limited to $2,000, granted under specific mortgage programs.</li> <li><a href="/wiki/Premium_tax_credit" title="Premium tax credit">Premium tax credit</a>: this refundable credit is provided to individuals and families who obtain healthcare <a href="/wiki/Insurance_policies" class="mw-redirect" title="Insurance policies">insurance policies</a> through a <a href="/wiki/Healthcare_exchange" class="mw-redirect" title="Healthcare exchange">healthcare exchange</a>, and whose income falls between 100% and 400% of the applicable <a href="/wiki/Federal_poverty_line" class="mw-redirect" title="Federal poverty line">federal poverty line</a>. It was first introduced in the 2014 tax year.</li></ul> <div class="mw-heading mw-heading4"><h4 id="Canada">Canada</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tax_credit&action=edit&section=7" title="Edit section: Canada"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There are several different types of income tax credits offered in Canada: </p> <ul><li>Canada Child Benefit: A tax-free monthly payment for families raising children under 18.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup></li> <li>Canada Caregiver Credit: A non-refundable credit for supporting a spouse, common-law partner, or dependant with a physical or mental impairment.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup></li> <li>Canada Workers Benefit: A refundable credit for low-income workers.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup></li> <li>Disability Tax Credit: A non-refundable tax credit that helps people with disabilities, or their supporting family member, reduce the amount of income tax they may have to pay.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup></li> <li>Canada Training Credit: A refundable tax credit available to help Canadians with the cost of eligible training fees.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup></li> <li>Home Accessibility Tax Credit: A non-refundable tax credit to help with the cost of making a person's home accessible.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup></li> <li>Medical Expense Tax Credit: A non-refundable tax credit that a person can claim for themselves, their spouse or common-law partner, or other dependants, including their children or their spouse’s or common law’s children.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading3"><h3 id="Family_relief">Family relief</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tax_credit&action=edit&section=8" title="Edit section: Family relief"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Some systems grant tax credits for families with children. These credits may be on a per child basis or as a credit for child care expenses. </p><p>The U.S. system offers the following nonrefundable family related income tax credits (in addition to a <a href="/wiki/Tax_deduction" title="Tax deduction">tax deduction</a> for each dependent child): </p> <ul><li><a href="/wiki/Child_tax_credit_(United_States)" title="Child tax credit (United States)">Child credit</a>: Parents of children who are under age 17 at the end of the tax year may qualify for a credit up to $1,000 per qualifying child. The credit is a dollar-for-dollar reduction of tax liability, and may be listed on Line 51 of Form 1040. For every $1,000 of adjusted gross income above the threshold limit ($110,000 for married joint filers; $75,000 for single filers), the amount of the credit decreases by $50.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup></li> <li><a href="/wiki/Child_and_dependent_care_credit" class="mw-redirect" title="Child and dependent care credit">Child and dependent care credit</a>: Taxpayers may claim a credit up to $3,000 of eligible expenses for dependent care for a child under age 13 in order to pursue or maintain gainful employment. If one parent stays home full-time, however, no child care costs are eligible for the credit.</li> <li>Credit for adoption expenses: a credit up to $10,000, phased out at higher incomes. Taxpayers who have incurred qualified adoption expenses in 2011 may claim either a $13,360 credit against tax owed or a $13,360 income exclusion if the taxpayer has received payments or reimbursements from their employer for adoption expenses. For 2012, the amount of the credit will decrease to $12,650, and in 2013 to $5,000.<sup id="cite_ref-Presti_and_Naegele_Tax_Newsletter_22-0" class="reference"><a href="#cite_note-Presti_and_Naegele_Tax_Newsletter-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> The adoption tax credit encompasses eligible expenses associated with adopting a child, including: <ul><li>Reasonable adoption fees</li> <li>Costs pertaining to adoption attorneys or court fees</li> <li>Qualifying travel expenses, such as meals and lodging incurred during adoption-related travel</li> <li>Other eligible expenses directly tied to the legal adoption process.</li></ul></li></ul> <div class="mw-heading mw-heading3"><h3 id="Education,_energy_and_other_subsidies"><span id="Education.2C_energy_and_other_subsidies"></span>Education, energy and other subsidies</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tax_credit&action=edit&section=9" title="Edit section: Education, energy and other subsidies"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Some systems indirectly subsidize education and similar expenses through tax credits. </p><p>The U.S. system has the following nonrefundable credits: </p> <ul><li>Two mutually exclusive credits for qualified tuition and related expenses. The <a href="/wiki/American_Opportunity_Tax_Credit" title="American Opportunity Tax Credit">American Opportunity Tax Credit</a> is 100% of the first $2,000 and 25% of the next $4000 of qualified tuition expenses per year for up to two years. The Lifetime Learning Credit<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> is 20% of the first $10,000 of cumulative expenses. These credits are phased out at incomes above $50,000 ($100,000 for joint returns) in 2009. Expenses for which a credit is claimed are not eligible for <a href="/wiki/Tax_deduction" title="Tax deduction">tax deduction</a>.</li> <li>First time homebuyers credit up to $7,500 (closing date before Sept. 30, 2010).</li> <li>Credits for purchase of certain nonbusiness energy property and residential <a href="/wiki/Efficient_energy_use" title="Efficient energy use">energy efficiency</a>. Several credits apply with differing rules.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading2"><h2 id="Business_tax_credits">Business tax credits</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tax_credit&action=edit&section=10" title="Edit section: Business tax credits"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Many systems offer various incentives for businesses to make investments in property or operate in particular areas. Credits may be offered against income or property taxes, and are generally nonrefundable to the extent they exceed taxes otherwise due. The credits may be offered to individuals as well as entities. The nature of the credits available varies highly by jurisdiction. </p> <div class="mw-heading mw-heading3"><h3 id="United_States_2">United States</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tax_credit&action=edit&section=11" title="Edit section: United States"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>U.S. income tax has numerous nonrefundable business credits. In most cases, any amount of these credits in excess of current year tax may be carried forward to offset future taxes, with limitations. The credits include the following (for a full list see section 38 of the Internal Revenue Code): </p> <ul><li>Alternative motor vehicle credit: several credits are available for purchase of varying types of non-gasoline powered vehicles.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup></li> <li>Alternative fuel credits: a credit based on the amount of production of certain non-petroleum fuels.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup></li> <li>Disaster relief credits<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup></li> <li>Credits for employing individuals in certain areas or those formerly on welfare or in targeted groups</li> <li><a href="/wiki/Research_%26_Experimentation_Tax_Credit" title="Research & Experimentation Tax Credit">Credit for Increasing Research Activities</a></li> <li>A variety of industry specific credits</li></ul> <p>Many sub-Federal jurisdictions (states, counties, cities, etc.) within the U.S. offer income or property tax credits for particular activities or expenditures. Examples include credits similar to the Federal research and employment credits, property tax credits, (often called abatements), granted by cities for building facilities within the city, etc. These items often are negotiated between a business and a governmental body, and specific to a particular business and property. </p> <div class="mw-heading mw-heading4"><h4 id="Federal_nonrefundable_investment_tax_credits">Federal nonrefundable investment tax credits</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tax_credit&action=edit&section=12" title="Edit section: Federal nonrefundable investment tax credits"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Tax credits, while they come in many forms, are authorized incentives under the Internal Revenue Code (and some state tax codes) to implement public policy. Congress, in an effort to encourage the private sector to provide a public benefit, allows a participating taxpayer a dollar for dollar reduction of their tax liability for investments in projects that probably would not occur but for the credits. </p> <div class="mw-heading mw-heading4"><h4 id="Federal_Historic_Rehabilitation_Tax_Credit">Federal Historic Rehabilitation Tax Credit</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tax_credit&action=edit&section=13" title="Edit section: Federal Historic Rehabilitation Tax Credit"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The legislative incentive program to encourage the preservation of "historical buildings". Congress instituted a two-tier Tax Credit incentive under the <a href="/wiki/Tax_Reform_Act_of_1986" title="Tax Reform Act of 1986">Tax Reform Act of 1986</a>. A 20% credit is available for the rehabilitation of historical buildings and a 10% credit is available for non-historic buildings, which were first placed in service before 1936. Benefits are derived from tax credits in the year the property is placed in service, cash flow over 6 years and repurchase options in year six.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Renewable_Energy/Investment_Tax_Credit_(ITC)"><span id="Renewable_Energy.2FInvestment_Tax_Credit_.28ITC.29"></span>Renewable Energy/Investment Tax Credit (ITC)</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tax_credit&action=edit&section=14" title="Edit section: Renewable Energy/Investment Tax Credit (ITC)"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The investment tax credit is allowed section 48 of the Internal Revenue Code. This investment tax credit varies depending on the type of <a href="/wiki/Renewable_energy" title="Renewable energy">renewable energy</a> project; solar, fuel cells ($1500/0.5 kW) and <a href="/wiki/Small_wind_turbine" title="Small wind turbine">small wind</a> (< 100 kW) are eligible for credit of 30% of the cost of development, with no maximum credit limit; there is a 10% credit for geothermal, microturbines (< 2 MW) and combined heat and power plants (< 50 MW). The ITC is generated at the time the qualifying facility is placed in service. Benefits are derived from the ITC, accelerated depreciation, and cash flow over a 6-8 year period.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> </p><p>Though set to expire at the end of 2015, the ITC for residential solar installations was renewed in December 2015. The credit will continue at 30% through 2018, and will slowly decline to 10% in 2022. The ITC for other technologies (including geothermal) was extended by one year.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> Installations will be considered eligible for the ITC based on the date that construction starts.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading5"><h5 id="Renewable_Energy/Production_Tax_Credit_(PTC)"><span id="Renewable_Energy.2FProduction_Tax_Credit_.28PTC.29"></span>Renewable Energy/Production Tax Credit (PTC)</h5><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tax_credit&action=edit&section=15" title="Edit section: Renewable Energy/Production Tax Credit (PTC)"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/United_States_Wind_Energy_Policy#History_of_the_Production_Tax_Credit" class="mw-redirect" title="United States Wind Energy Policy">United States Wind Energy Policy § History of the Production Tax Credit</a></div> <p>Section 45 of the Internal Revenue Code allows an income tax credit of 2.3 cents/kilowatt-hour (as adjusted for inflation for 2013<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup>) for the production of electricity from utility-scale wind turbines, geothermal, solar, hydropower, biomass and marine and hydrokinetic renewable energy plants. This incentive, the renewable energy Production Tax Credit (PTC),<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> was created under the <a href="/wiki/Energy_Policy_Act_of_1992" title="Energy Policy Act of 1992">Energy Policy Act of 1992</a> (at the value of 1.5 cents/kilowatt-hour, which has since been adjusted annually for inflation).<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> In late 2015 a large majority in <a href="/wiki/United_States_Congress" title="United States Congress">Congress</a> voted<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> to extend the PTC for <a href="/wiki/Wind_power_in_the_United_States" title="Wind power in the United States">wind</a> and <a href="/wiki/Solar_power_in_the_United_States" title="Solar power in the United States">solar power</a> for 5 years and $25 billion. Analysts expect $35 billion of investment for each type.<sup id="cite_ref-blooPTC_36-0" class="reference"><a href="#cite_note-blooPTC-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading5"><h5 id="Low_Income_(Affordable)_Housing_Tax_Credit_(LIHTC)"><span id="Low_Income_.28Affordable.29_Housing_Tax_Credit_.28LIHTC.29"></span>Low Income (Affordable) Housing Tax Credit (LIHTC)</h5><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tax_credit&action=edit&section=16" title="Edit section: Low Income (Affordable) Housing Tax Credit (LIHTC)"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Under this <a href="/wiki/LIHTC" class="mw-redirect" title="LIHTC">program</a>, created in the 1986 Tax Reform Act, the U.S. Treasury Department allocates tax credits to each state based on that states population. These credits are then awarded to developers who, together with an equity partner, develop and maintain apartments as affordable units. Benefits are derived primarily from the tax credits over a 10-year period. </p> <div class="mw-heading mw-heading5"><h5 id="Qualified_School_Construction_Bond_(QSCB)"><span id="Qualified_School_Construction_Bond_.28QSCB.29"></span>Qualified School Construction Bond (QSCB)</h5><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tax_credit&action=edit&section=17" title="Edit section: Qualified School Construction Bond (QSCB)"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>QSCBs are U.S. debt instruments used to help schools borrow at nominal rates for the rehabilitation, repair and equipping of their facilities, as well as the purchase of land upon which a public school will be built. A QSCB holder receives a Federal tax credit in lieu of an interest payment. The tax credits may be stripped from QSCB bonds and sold separately. QSCBs were created by Section 1521 of the American Recovery and Reinvestment Act of 2009. Internal Revenue Code Section 54F also addresses QSCBs. </p> <div class="mw-heading mw-heading4"><h4 id="Research_&_Development_Tax_Credit"><span id="Research_.26_Development_Tax_Credit"></span>Research & Development Tax Credit</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tax_credit&action=edit&section=18" title="Edit section: Research & Development Tax Credit"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Credit For Increasing Research Activities (R&D Tax Credit) is a general business tax credit under Internal Revenue Code Section 41 for companies that incur research and development (R&D) costs in the United States. For most companies, this credit is worth 7–10% of qualified research expenses each year.<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> It can be used to offset income or payroll taxes, depending on the situation.<sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Work_Opportunity_Tax_Credit_(WOTC)"><span id="Work_Opportunity_Tax_Credit_.28WOTC.29"></span>Work Opportunity Tax Credit (WOTC)</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tax_credit&action=edit&section=19" title="Edit section: Work Opportunity Tax Credit (WOTC)"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Work Opportunity Tax Credit (WOTC) is a federal tax credit providing incentives to employers for hiring groups facing high rates of unemployment, such as veterans, youths and others. WOTC helps these targeted groups obtain employment so they are able to gain the skills and experience necessary to obtain better future job opportunities. The WOTC is based on the number of hours an employee works and benefits the employer directly. </p><p>The WOTC was established by the <a href="/wiki/Small_Business_Job_Protection_Act_of_1996" title="Small Business Job Protection Act of 1996">Small Business Job Protection Act of 1996</a>. The WOTC replaced the Targeted Jobs Tax Credit (TJTC), which was created by the <a href="/wiki/Revenue_Act_of_1978" title="Revenue Act of 1978">Revenue Act of 1978</a> and was in place from 1978 to 1994. In December 2014, the WOTC was extended retroactively to the beginning of 2014 by the Tax Increase Prevention Act of 2014 (TIPA), P.L. 113–295.<sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> That act authorized the credit only through December 31, 2014.<sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> Later, through the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act), Congress modified and extended the WOTC through December 31, 2019.<sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="American_Opportunity_Tax_Credit_(AOTC)"><span id="American_Opportunity_Tax_Credit_.28AOTC.29"></span>American Opportunity Tax Credit (AOTC)</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tax_credit&action=edit&section=20" title="Edit section: American Opportunity Tax Credit (AOTC)"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The American Opportunity Tax Credit (AOTC) <sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> was part of the American Recovery and Reinvestment Act, which was signed into law in February 2009. The AOTC replaced the Hope Scholarship credit for Tax Years 2009 and 2010, increased the benefits for nearly all Hope credit recipients and many other students by providing a maximum benefit up to $2,500 per student, 100 percent of their first $2,000 in tuition and 25 percent of the next $2,000, expanding the income range over which taxpayers can claim a credit, and making the credit partially refundable. Critics have complained that complexity and restrictions on eligibility make the actual benefits per post-secondary student much lower than the theoretical maximum, and that even with tax credits, higher education remains tax-disadvantaged compared to other investments.<sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="State_tax_credits">State tax credits</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tax_credit&action=edit&section=21" title="Edit section: State tax credits"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Approximately 43 states provide a variety of special incentive programs that utilize state tax credits. These include Brownfield credits, Film Production credits, Renewable energy credits, Historic Preservation credits and others. The amount of credit, the term of credit and the cost of the credit differs from state to state. These credits can be either in the form of a certificate, which can be purchased as an asset, or in a more traditional pass through entity. The tax credits can generally be used against insurance company premium tax, bank tax and income tax. </p> <div class="mw-heading mw-heading5"><h5 id="Oregon_Residential_Energy_Tax_Credit_(RETC)"><span id="Oregon_Residential_Energy_Tax_Credit_.28RETC.29"></span>Oregon Residential Energy Tax Credit (RETC)</h5><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tax_credit&action=edit&section=22" title="Edit section: Oregon Residential Energy Tax Credit (RETC)"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The state of Oregon's RETC is a tax credit for solar systems. In 2016, Oregon Governor Kate Brown released a new budget proposal that does not extend the RETC program. In 2015, RETC gave $12.2 million in tax credits; in 2014, that amount was approximately $4.2 million.<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> Under the budget proposal, the credit will sunset at the end of 2017. Extension of the tax credit is a top priority for Oregon's solar industry.<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Value_added_tax">Value added tax</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tax_credit&action=edit&section=23" title="Edit section: Value added tax"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Resellers or producers of goods or providers of services (collectively, providers) must collect <a href="/wiki/Value_added_tax" class="mw-redirect" title="Value added tax">value added tax</a> (VAT) in some jurisdictions upon billing or being paid by customers. Where these providers use goods or services provided by others, they may have paid VAT to other providers. Most VAT systems allow the amount of such VAT paid or considered paid to be used to offset VAT payments due, generally referred to as an input credit. Some systems allow the excess of input credits over VAT obligations to be refunded after a period of time. </p> <div class="mw-heading mw-heading2"><h2 id="Foreign_tax_credit">Foreign tax credit</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tax_credit&action=edit&section=24" title="Edit section: Foreign tax credit"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Income tax systems that impose tax on residents on their worldwide income tend to grant a <a href="/wiki/Foreign_tax_credit" title="Foreign tax credit">foreign tax credit</a> for foreign income taxes paid on the same income. The credit often is limited based on the amount of foreign income. The credit may be granted under domestic law and/or <a href="/wiki/Tax_treaty" title="Tax treaty">tax treaty</a>. The credit is generally granted to individuals and entities, and is generally nonrefundable. See <a href="/wiki/Foreign_tax_credit" title="Foreign tax credit">Foreign tax credit</a> for more comprehensive information on this complex subject. </p> <div class="mw-heading mw-heading2"><h2 id="Credits_for_alternative_tax_bases">Credits for alternative tax bases</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tax_credit&action=edit&section=25" title="Edit section: Credits for alternative tax bases"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Several tax systems impose a regular income tax and, where higher, an alternative tax. The U.S. imposes an <a href="/wiki/Alternative_minimum_tax" title="Alternative minimum tax">alternative minimum tax</a> based on an alternative measure of taxable income. Mexico imposes an IETU based on an alternative measure of taxable income. Italy imposes an alternative tax based on assets. In each case, where the alternative tax is higher than the regular tax, a credit is allowed against future regular tax for the excess. The credit is usually limited in a manner that prevents circularity in the calculation. </p><p><br /> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tax_credit&action=edit&section=26" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Tax_choice" title="Tax choice">Tax choice</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tax_credit&action=edit&section=27" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-simple-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-simple_1-0">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFPiper2014" class="citation book cs1">Piper, Mike (September 12, 2014). <i>Taxes Made Simple: Income Taxes Explained in 100 Pages or Less</i>. Simple Subjects, LLC. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-9814542-1-4" title="Special:BookSources/978-0-9814542-1-4"><bdi>978-0-9814542-1-4</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Taxes+Made+Simple%3A+Income+Taxes+Explained+in+100+Pages+or+Less&rft.pub=Simple+Subjects%2C+LLC&rft.date=2014-09-12&rft.isbn=978-0-9814542-1-4&rft.aulast=Piper&rft.aufirst=Mike&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATax+credit" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.taxpolicycenter.org/briefing-book/what-difference-between-refundable-and-nonrefundable-credits">"Briefing Book: What is the difference between refundable and nonrefundable credits?"</a>. <i><a href="/wiki/Tax_Foundation" title="Tax Foundation">Tax Foundation</a></i>. 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