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Topic: Refundable tax credit

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Taxation in the United States

Earned income tax credit

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	Glossary of Frequently Used Terms - T
		In the case of sales taxes, the tax base is the value of items that are subject to tax; basic groceries, for example, are not part of the tax base of the goods and services tax.
		Tax expenditures are foregone tax revenues, due to special exemptions, deductions, rate reductions, rebates, credits and deferrals that reduce the amount of tax that would otherwise be payable.
		Tax expenditures include deductions for pension and registered retirement savings plan contributions, credits for charitable donations, and incentives for firms to invest in research and development.
	www.fin.gc.ca /scripts/glossary.asp?Lang=E&Term=tax_credit (1442 words)

	Earned income tax credit - Wikipedia, the free encyclopedia
		The United States federal Earned Income Tax Credit (EITC) is a refundable tax credit that reduces or eliminates the taxes that low-income working people pay (such as payroll taxes) and also frequently operates as a wage subsidy for low-income workers.
		Currently, for a family with two dependent children, the credit is equal to 40 percent of the first $10,750 earned, plateaus at a maximum credit of $4,400, begins to phase-out when earnings increase beyond approximately $15,000, and reaches zero when earnings pass approximately $35,000.
		For those filing without dependents, there is a small credit of 7.65 percent of earnings with a maximum of $380, which covers the employee's portion of the social security and medicare payroll taxes.
	en.wikipedia.org /wiki/Earned_Income_Tax_Credit (942 words)

	Tax - Library - Budget Analysis - Quebec 2003
		Employers in remote resource regions will be eligible for a new refundable tax credit for hiring graduates at the vocational, college or university levels, equal to 20% of the eligible salary paid to an employee for a period not exceeding 52 weeks, with a maximum of $8,000 per employee.
		To achieve the objective of the tax holidays encouraging the recruitment of foreign employees, the presumption that an individual is deemed to reside in Quebec for an entire taxation year if, during such year, he or she stayed for one or more periods totalling 183 days or more, will not apply.
		The eligibility conditions for the five-year tax holiday for a foreign researcher in a postdoctoral fellowship and for a foreign professor will be changed so that employers will now be required to obtain an annual attestation from the minister of education that certifies the skills of the individual and the duties with the employer.
	www.ey.com /GLOBAL/content.nsf/Canada/Tax_-_Library_-_Budget_Analysis_-_Quebec_2003 (1832 words)

	Tax News Network
		The tax legislation will be amended to provide that individuals are not required to include, in the calculation of their income from an office or employment, the value of a benefit relating to transit passes that was received because of, or in the course of, the office or employment.
		The tax legislation will be amended to include, in the list of the expenses that are eligible for the refundable tax credit for adoption expenses, expenses that arise due to a requirement imposed by a government authority during the adoption of a child.
		The tax legislation will be amended to stipulate that expenses eligible for the tax credit will include the portion of the indemnities for statutory general holidays and for days of leave for family or parental matters that is attributable to tips and that was paid in the taxation year or the fiscal year.
	www.ca.taxnews.com /tnnnews.nsf/DateWeb/DBD500EC085D3EB98525713700583998?opendocument (4246 words)

	Personal Income Tax Non-Refundable Tax Credit Block for 2001 (Site not responding. Last check: 2007-11-01)
		If you were resident in BC on December 31, 2000, your unused tuition and education tax credit on December 31, 2000 must be adjusted by 7.3/8.4 when you calculate your 2001 claim.
		Your 2000 Adjusted Federal Amount is the amount of your unused federal tuition and education tax credit available for carry forward on December 31, 2000 multiplied by 16/17.
		The disability tax credit may be transferred to a supporting person if the individual does not require the credit to reduce their British Columbia tax to nil.
	www.rev.gov.bc.ca /itb/itapit/2001-nonrefund.htm (312 words)

	The Urban Institute \| Issues in Focus \| Tax Reform
		TPC has written background papers and convened conferences on many issues related to reforming the tax code, including forums on the estate tax, tax shelters, capital income taxes, and tax reform and the environment.
		The tax panel recommends that annual premiums above $5,000 for an individual and $11,500 for a family policy be treated as income to workers and taxed accordingly.
		Although the tax code is neutral with respect to race and ethnicity, Black and Hispanic children receive much less benefit from the child tax credit than do White children.
	www.urban.org /toolkit/issues/taxreform.cfm (1349 words)

	Tax Smart America® Calls on Congress to Adopt Refundable 'Fuel Tax Credit' for Working Families for 2006
		Tax Smart America® went on to state, "We are encouraging consumer groups, public interest groups, and working families alike to join the call for temporary tax relief by asking congress and every state legislature alike to provide for some economic relief in providing for a refundable tax credit to working Americans.
		A recent study of fuel taxes for 2005 was published by the Tax Foundation, in which the amounts of taxes per capita for each state reflect the burden on Americans in what they are paying for at the pump with every gallon of gasoline they purchase.
		The mission of the Tax Foundation is to educate taxpayers about sound tax policy and the size of the tax burden borne by Americans at all levels of government.
	www.prweb.com /releases/2006/5/prweb382652.htm (852 words)

	Child Tax Credit (Site not responding. Last check: 2007-11-01)
		In most cases, the child tax credit is limited to the amount of tax liability on your return (in other words, if your credit is bigger than your tax liability, your tax liability is just reduced to zero, and the rest of the credit is lost).
		This credit is refundable for families with three or less qualifying children, to the extent of 15 percent of taxable earned income in excess of $11,000 for 2005.
		Their taxable income was zero, so they owed zero in taxes, but they got an additional child tax credit refund worth $1,835, or the excess of the family's social security tax over the earned income credit, whichever is greater.
	turbotax.intuit.com /tax_help/ChildTaxCredit.html (596 words)

	Refundable tax credits
		A refundable tax credit is an amount that may be claimed in a given situation and under certain conditions.
		To obtain a refundable tax credit, you must meet the eligibility criteria, and must claim the credit on your income tax return.
		Tax credit respecting the housing of a parent
	www.revenu.gouv.qc.ca /eng/particulier/impots/impot/credit_remb/Index.asp (104 words)

	[No title] (Site not responding. Last check: 2007-11-01)
		Students are eligible to receive 100% federal tax credit for the first $1,000 of tuition and fees paid for higher education and a 50% credit on the second $1,000.
		The Hope Scholarship Tax Credit may be claimed for the qualified tuition and related expenses of each student in the taxpayer’s family (i.e., the taxpayer, the taxpayer’s spouse, or an eligible dependent) who is enrolled at least half-time (6 credit hours) in a degree, certificate, or other program leading to a recognized education credential.
		The Lifetime Learning Credit is a non-refundable tax credit that could reduce federal income taxes for taxpayers up to 20 percent of the first $5,000 out-of-pocket qualified tuition and fees paid for all eligible students in a taxpayer’s family.
	www.famemaine.com /html/education/taxcredit.html (615 words)

	Utah Income Tax Credits – Agricultural Fuel
		Farmers and ranchers may claim a refundable tax credit on their Utah tax returns for tax paid for gasoline and undyed diesel fuel used exclusively for commercial, nonhighway agricultural use.
		The Utah State Tax Commission has ruled this credit is limited to gasoline or undyed diesel fuel used in stationary or self-propelled farm machinery used solely for nonhighway (not on public roads) agricultural purposes.
		Credit is not allowed for purchases of dyed diesel fuel (dyed diesel fuel purchases are exempt from fuel tax), nor for fuel used in any vehicle registered for highway use.
	incometax.utah.gov /credits_agfuel.php (275 words)

	Child Tax Credit
		The 2001 Act increases the child tax credit to $1,000, but the phase in period begins in 2001 and is phased in over 10 years.
		Current law includes a refundable child tax credit for these families, but the coordination with employment taxes and the earned income credit greatly reduces or eliminates it for many families.
		A study of both credits shows that the 2001 Act refundable credit is either greater than or equal to the refundable credit for families with three or more children.
	www.jbartram.com /html/child_tax_credit_.html (484 words)

	Glossary of Frequently Used Terms - Q-R
		Where a tax credit is refundable, the portion of the credit which is not needed to reduce a taxpayer's tax liability (because it is already zero) may be paid to the taxpayer.
		Contributions to RPPs are tax deductible, the investment income in them is tax-deferred and payments from them are taxable.
		Contributions to an RRSP are tax deductible, the investment income in it is tax-deferred and payments from it are taxable.
	www.fin.gc.ca /scripts/glossary.asp?Lang=E&Term=refundable_tax_credit (981 words)

	Tax Credits
		Taxpayers whose tax liabilities were not high enough to take full advantage of the credit generally could not receive refunds of any unused credit amounts, with the exception of eligible families with three or more qualifying children.
		The new law also makes the child tax credit refundable to the extent of 10% of the taxpayer’s earned income in excess of $10,000 (as indexed for inflation after 2001) for tax years 2001 through 2004 (15% after 2004).
		In a related provision, beginning in tax years starting after 2001, employers may claim a tax credit equal to 25% of qualified expenses for employer-provided child care and 10% of qualified expenses for employer-provided child care resource and referral services, up to a maximum $150,000 credit per tax year.
	www.txcpa.net /tax_credits.htm (777 words)

	Personal Income Tax Non-Refundable Tax Credit Block for 2002 (Site not responding. Last check: 2007-11-01)
		In 2002, British Columbia non-refundable credits are calculated by multiplying the base amount by the lowest tax rate (6.05%).
		In addition, the credit for charitable gifts in excess of $200 is calculated using the highest personal provincial tax rate (14.7%).
		If you were resident in British Columbia on December 31, 2001, your unused tuition and education tax credit on December 31, 2001 must be adjusted by 6.05/7.3 when you calculate your 2002 claim.
	www.rev.gov.bc.ca /itb/itapit/2002-nonrefund.htm (308 words)

	Hope Tax Credit (Site not responding. Last check: 2007-11-01)
		Although details for this tax credit and other educational benefits are still being worked out, it is likely that students filing for the tax credit will have to complete a separate tax schedule similar to those required for interest and dividend income or child care expenses.
		This tax credit, one of a series of measures aimed at making a college education universally affordable, will give many more students the financial means to start on their college education, go back to school and choose a new career, or upgrade their skills.
		The credit, available on a per-taxpayer (family) basis, is worth 20% of the first $5,000 of tuition and fees through the year 2002, and 20% of the first $10,000 in tuition and fees thereafter.
	www.mxctc.commnet.edu /c_finance/hope.htm (1392 words)

	Increase and Expansion of the Child Tax Credit - EGTRRA of 2001 - Tax Form Processing, LLC
		The tax act makes the child tax credit refundable to the extent of 10% of the taxpayer's earned income in excess of $10,000 for tax years 2001 - 2004.
		The tax act also provides that the refundable child tax credit will NO longer be reduced by the amount of the alternative minimum tax (AMT).
		In addition, the tax act allows the child tax credit to the extent of the full amount of the individual’s regular income tax and alternative minimum tax.
	www.taxformprocessing.com /tax/news/EGTRRA/child_tax_credit.htm (229 words)

	State EIC Programs - tax credit information for EIC, EITC, Child Tax Credit, earned income credit, and state tax ...
		For many tax payers, a refundable tax credit is preferable to a non-refundable credit.
		With a refundable tax credit, if the amount you may claim is more than the tax you owe, you will be "refunded" what is left over and be sent a check.
		With a non-refundable tax credit, the amount may be applied to reduce or eliminate any state income tax you owe; but, if the claim amount is more than any amount you owe in state tax, the credit which is left over will not be refunded to you.
	www.taxcreditresources.org /pages.cfm?contentID=39&am (775 words)

	RESULTS: Child Tax Credit
		In 2001, the federal Child Tax Credit (CTC) joined the Earned Income Tax Credit (EITC) as a source of income support for low-income working families with children, thanks in part to the efforts of RESULTS and its allies to double the CTC and make it partially refundable.
		Making the CTC partially refundable was an especially important reform because it made the credit available to lower-income families who typically do not have net federal income tax liability, meaning they normally would be ineligible for a non-refundable tax credit like the CTC.
		Until the 2001 reforms, the CTC was refundable only for families with three or more qualifying children, as long as the credit did not exceed the taxpayer’s payroll taxes minus their EITC.
	www.results.org /website/article.asp?id=381 (787 words)

	Saskatchewan Finance Corporate Income Tax - Tax Credits
		The credit was introduced as a non-refundable income tax credit designed to encourage plant and equipment investment for use in MandP activities in Saskatchewan.
		Effective January 1, 2006, the tax credit increased from 35 per cent of qualified Saskatchewan labour costs to 45 per cent and an additional 5 per cent tax credit toward salaries of Saskatchewan residents, when hired in six out of ten key positions, was also introduced.
		The Royalty Tax Rebate (RTR) helps to offset the provincial portion of income taxes that are payable as a result of the federal government's decision to disallow provincial royalties and similar taxes as deductions in determining taxable income.
	www.gov.sk.ca /finance/taxation/corpincometaxtaxcredits.htm (602 words)

	Income Tax - Gross Conservation Easement (Site not responding. Last check: 2007-11-01)
		Taxpayers, but not transferees of such credits, can claim a refund of the credit if state revenues are in excess of certain thresholds.* Taxpayers are limited in the amount of the credit they can claim in any given tax year if they also claim an income tax refund created by this credit.
		Transferees of such credits (taxpayers who have purchased the credit from the donor of the easement) cannot claim any credit in excess of their net tax liability for the tax year.
		The Gross Conservation Easement Credit is refundable for tax year 2005 because Colorado does have a budget surplus for this tax year.
	www.revenue.state.co.us /taxstatutesregs/incomeindex/grossrefundable.html (192 words)

	Child Care Tax Credits for Families
		The IRS is the nation's tax collection agency and administers the Internal Revenue Code enacted by Congress.
		Lower Your Taxes: A Tax Credits Outreach, a section of the NWLC's Web site (updated January 2006) at http://www.nwlc.org/details.cfm?id=2493§ion=tax provides resources to inform families about Federal and State tax benefits for which families may be eligible and assists advocates in educating others about the value of these benefits.
		Credit Where Credit Is Due (January 2005) has information about four of the tax breaks in the Federal income tax code: the Dependent Care Tax Credit, the Child Tax Credit, the Earned Income Tax Credit, and the Dependent Care Assistance Program.
	nccic.org /poptopics/taxcredits.html (1756 words)

	Maryland State EIC - tax credit information for EIC, EITC, Child Tax Credit, earned income credit, and state tax ...
		This state-level EIC is somewhat complex as it is a nonrefundable tax credit for some workers but can also be a refundable tax credit for other workers.
		In addition, for those households who claimed one or more qualifying children for their federal EIC and have a credit that is more than what is owed in taxes, workers can also claim a refundable state earned income credit.
		This refundable credit is 20% of the federal earned income credit they may claim minus any nonrefundable credit they received to eliminate any state tax they owed.
	www.taxcreditresources.org /pages.cfm?contentID=39&p...ubpages=yes&dynamicID=614 (676 words)

	127.1.(1) Refundable investment tax credit
		"refundable investment tax credit" of a taxpayer for a taxation year means, in the case of a taxpayer who is
		(ii) the portion of the total of all amounts required by subsection 127(6) to be deducted in computing the taxpayer's investment tax credit at the end of the year that can reasonably be considered to be in respect of the total determined under paragraph 127.1(2) "refundable investment tax credit" (f).
		An individual's basic minimum tax credit for a taxation year is the total of amounts that may be deducted in computing the individual's tax payable for the year under this Part under any of subsections 118(1) and (2), sections 118.1 and 118.2, subsection 118.3(1) and sections 118.5 to 118.7.
	laws.justice.gc.ca /en/I-3.3/66637.html (5682 words)

	Republicans And The Earned Income Tax Credit
		By making the credit refundable, it would offset the disincentive effects of higher payroll tax rates, which had risen from 4.8 percent on workers and employers in 1970 to 5.85 percent in 1975.
		The refunded portion of the credit, which is scored as direct spending in the budget, rose from $10 billion in 1992 to $26 billion in 2000.
		The child credit was intended to make it easier for mothers to stay at home and raise their children, rather than work outside the home.
	www.ncpa.org /edo/bb/2003/bb061603.html (844 words)

	Hope Tax Credit (Site not responding. Last check: 2007-11-01)
		There are two tax credits available to help you offset the costs of higher education by reducing the amount of your income tax.
		For Tax Year 2003, the IRS publication, Tax Benefits for Education, suggests that if the total qualified education expenses for a student are less than $7,500, it will generally be to your benefit to claim the Hope Credit.
		Generally, the credit is allowed for qualified education expenses paid in 2003 for an academic period beginning in 2003 or in the first 3 months of 2004.
	www.iowacollegeaid.org /parentsandstudents/Hope_Credit.htm (1002 words)

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