Tax Credit - United States

United States

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, available to individuals and businesses:

  • Alternative motor vehicle credit: several credits are available for purchase of varying types of non-gasoline powered vehicles.
  • Alternative fuel credits: a credit based on the amount of production of certain non-petroleum fuels.
  • Disaster relief credits
  • Credits for employing individuals in certain areas or those formerly on welfare or in targeted groups
  • Credit for increasing research expenses
  • A variety of industry specific credits

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 granted by cities (often called abatements) 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.

Read more about this topic:  Tax Credit

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Famous quotes related to united states:

    And hereby hangs a moral highly applicable to our own trustee-ridden universities, if to nothing else. If we really wanted liberty of speech and thought, we could probably get it—Spain fifty years ago certainly had a longer tradition of despotism than has the United States—but do we want it? In these years we will see.
    John Dos Passos (1896–1970)

    On the whole, yes, I would rather be the Chief Justice of the United States, and a quieter life than that which becomes at the White House is more in keeping with the temperament, but when taken into consideration that I go into history as President, and my children and my children’s children are the better placed on account of that fact, I am inclined to think that to be President well compensates one for all the trials and criticisms he has to bear and undergo.
    William Howard Taft (1857–1930)

    Scarcely any political question arises in the United States that is not resolved, sooner or later, into a judicial question.
    Alexis de Tocqueville (1805–1859)

    Places where he might live and die and never hear of the United States, which make such a noise in the world,—never hear of America, so called from the name of a European gentleman.
    Henry David Thoreau (1817–1862)

    Of all the nations in the world, the United States was built in nobody’s image. It was the land of the unexpected, of unbounded hope, of ideals, of quest for an unknown perfection. It is all the more unfitting that we should offer ourselves in images. And all the more fitting that the images which we make wittingly or unwittingly to sell America to the world should come back to haunt and curse us.
    Daniel J. Boorstin (b. 1914)