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Subtract tax credits from the amount of tax you owe. There are two types of tax credits: A nonrefundable tax credit means you get a refund only up to the amount you owe. A refundable tax credit means you get a refund, even if it's more than what you owe.

Tax credits for residential energy efficiency have now expired. The tax credit for builders of energy efficient homes and tax deductions for energy efficient commercial buildings have also expired.

How tax credits work. A tax credit is a dollar-for-dollar reduction of the income tax you owe. For example, if you owe $1,000 in federal taxes but are eligible for a $1,000 tax credit, your net liability drops to zero. Some credits, such as the earned income credit, are refundable, which means that you still receive the full amount...

Earned Income Tax Credit. The Earned Income Tax Credit (EITC) is a credit for taxpayers who earn low to moderate incomes. EITC can reduce your taxes and may result in a tax refund. This means more working families and individuals may keep more of the money they earned.

Federal Tax Credit Up To $7,500! The credit amount will vary based on the capacity of the battery used to power the vehicle. State and/or local incentives may also apply. Small neighborhood electric vehicles do not qualify for this credit, but they may qualify for another credit.

Credits & Deductions for Businesses. Manufacturers' Energy Efficient Appliance Credit Act Section 305 - Modifications of Energy Efficient Appliance Credit for Appliances Produced After 2007 Plug-In Electric Drive Vehicle Credit (IRC 30D) Plug-In Electric Drive Vehicle Credit (IRC 30D) - Internal Revenue Code Section 30D provides a credit...

Established by The Energy Policy Act of 2005, the federal tax credit for residential energy property initially applied to solar-electric systems, solar water heating systems and fuel cells. The Energy Improvement and Extension Act of 2008 extended the tax credit to small wind-energy systems and geothermal heat pumps, effective January 1, 2008.

United States. Premium tax credit: this refundable credit is provided to individuals and families who obtain healthcare insurance policies through a healthcare exchange, and whose income falls between 100% and 400% of the applicable federal poverty line. It was first introduced in the 2014 tax year.

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