Tax credit - Revision history

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	[[File:Rooftop_Photovoltaic_Array.jpg\|400px\|thumb\|right\|Figure 1. Governments often encourage homeowners to by [[solar panel]]s by providing tax credit of some sort.<ref>Wikimedia Commons.By Lucas Braun - Own work, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=12261041 [Online], Available: https://commons.wikimedia.org/wiki/File:Rooftop_Photovoltaic_Array.jpg#/media/File:Rooftop_Photovoltaic_Array.jpg [Aug 17, 2017]</ref>]]		[[File:Rooftop_Photovoltaic_Array.jpg\|400px\|thumb\|right\|Figure 1. Governments often encourage homeowners to by [[solar panel]]s by providing tax credit of some sort.<ref>Wikimedia Commons.By Lucas Braun - Own work, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=12261041 [Online], Available: https://commons.wikimedia.org/wiki/File:Rooftop_Photovoltaic_Array.jpg#/media/File:Rooftop_Photovoltaic_Array.jpg [Aug 17, 2017]</ref>]]
	<onlyinclude>A '''tax credit''' is a certain amount that a tax payer is able to subtract from their annual taxes they owe to the government, the size of the credit and the restrictions are determined beforehand.</onlyinclude><ref>J.Black, N. Hashimzade, and G. Myles. (2009) "Tax Credit." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-3079?rskey=o5BYmR&result=1, 2009 [Aug 22, 2016]</ref> A tax credit is issued as a dollar amount rather than a [[percent]]age of taxable income. For example if a tax payer gets a [[tax exemption]] or deduction the amount of income that can be taxed is reduced whereas with a tax credit, the credit is applied against the final amount that is to be paid to the government.<ref name=Book1>Investopedia. "Tax Credit." [Online], Available: http://www.investopedia.com/terms/t/taxcredit.asp?ad=dirN&qo=investopediaSiteSearch&qsrc=0&o=40186 [Aug 22, 2016].</ref><ref>H. Kerr, K. McKenzie and J. Mintz. ''Tax Policy in Canada''. Toronto: Canadian Tax Foundation, 2012, pp.7:20.</ref>		<onlyinclude>A '''tax credit''' is a government tool that provides a certain amount that a tax payer is able to subtract from their annual taxes they owe to the government, the size of the credit and the restrictions are determined beforehand.</onlyinclude><ref>J.Black, N. Hashimzade, and G. Myles. (2009) "Tax Credit." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-3079?rskey=o5BYmR&result=1, 2009 [Aug 22, 2016]</ref> A tax credit is issued as a dollar amount rather than a [[percent]]age of taxable income. For example if a tax payer gets a [[tax exemption]] or deduction the amount of income that can be taxed is reduced whereas with a tax credit, the credit is applied against the final amount that is to be paid to the government.<ref name=Book1>Investopedia. "Tax Credit." [Online], Available: http://www.investopedia.com/terms/t/taxcredit.asp?ad=dirN&qo=investopediaSiteSearch&qsrc=0&o=40186 [Aug 22, 2016].</ref><ref>H. Kerr, K. McKenzie and J. Mintz. ''Tax Policy in Canada''. Toronto: Canadian Tax Foundation, 2012, pp.7:20.</ref>

	The under the "Residential Toilet Replacement Program" the Government of Alberta offers the residents of the City of Calgary a tax credit if they replace older, inefficient toilets with toilets that are certified to use less [[water]] per flush.<ref>Natural Resources Canada. "Program Details." [Online], Available: http://oee.nrcan.gc.ca/corporate/statistics/neud/dpa/policy_e/details.cfm?searchType=default&sectoranditems=all%7C0&max=10&pageId=1&categoryID=all&regionalDeliveryId=10&programTypes=4&keywords=&ID=4567&attr=0, Jun 30,2016 [Aug 22, 2016].</ref> This is an example of the government creating a [[fiscal incentive]] for homeowners to reduce their water consumption thus with the goal of reducing the overall usage of water in the municipality.		The under the "Residential Toilet Replacement Program" the Government of Alberta offers the residents of the City of Calgary a tax credit if they replace older, inefficient toilets with toilets that are certified to use less [[water]] per flush.<ref>Natural Resources Canada. "Program Details." [Online], Available: http://oee.nrcan.gc.ca/corporate/statistics/neud/dpa/policy_e/details.cfm?searchType=default&sectoranditems=all%7C0&max=10&pageId=1&categoryID=all&regionalDeliveryId=10&programTypes=4&keywords=&ID=4567&attr=0, Jun 30,2016 [Aug 22, 2016].</ref> This is an example of the government creating a [[fiscal incentive]] for homeowners to reduce their water consumption thus with the goal of reducing the overall usage of water in the municipality.
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	*[[Tax abatement]]		*[[Tax abatement]]
	*[[Tax exemption]]		*[[Tax exemption]]

	==References==		==References==
	{{reflist}}		{{reflist}}
			[[Category: Uploaded]]

Jmdonev: 1 revision imported

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Jmdonev at 20:07, 17 August 2017

2017-08-17T20:07:22Z

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	<onlyinclude>A '''tax credit''' is a certain amount that a tax payer is able to subtract from their annual taxes they owe to the government, the size of the credit and the restrictions are determined beforehand.</onlyinclude><ref>J.Black, N. Hashimzade, and G. Myles. (2009) "Tax Credit." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-3079?rskey=o5BYmR&result=1, 2009 [Aug 22, 2016]</ref> A tax credit is issued as a dollar amount rather than a [[~~percentage~~]] of taxable income. For example if a tax payer gets a [[tax exemption]] or deduction the amount of income that can be taxed is reduced whereas with a tax credit, the credit is applied against the final amount that is to be paid to the government.<ref name=Book1>Investopedia. "Tax Credit." [Online], Available: http://www.investopedia.com/terms/t/taxcredit.asp?ad=dirN&qo=investopediaSiteSearch&qsrc=0&o=40186 [Aug 22, 2016].</ref><ref>H. Kerr, K. McKenzie and J. Mintz. ''Tax Policy in Canada''. Toronto: Canadian Tax Foundation, 2012, pp.7:20.</ref>		[[File:Rooftop_Photovoltaic_Array.jpg\|400px\|thumb\|right\|Figure 1. Governments often encourage homeowners to by [[solar panel]]s by providing tax credit of some sort.<ref>Wikimedia Commons.By Lucas Braun - Own work, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=12261041 [Online], Available: https://commons.wikimedia.org/wiki/File:Rooftop_Photovoltaic_Array.jpg#/media/File:Rooftop_Photovoltaic_Array.jpg [Aug 17, 2017]</ref>]]
			<onlyinclude>A '''tax credit''' is a certain amount that a tax payer is able to subtract from their annual taxes they owe to the government, the size of the credit and the restrictions are determined beforehand.</onlyinclude><ref>J.Black, N. Hashimzade, and G. Myles. (2009) "Tax Credit." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-3079?rskey=o5BYmR&result=1, 2009 [Aug 22, 2016]</ref> A tax credit is issued as a dollar amount rather than a [[percent]]age of taxable income. For example if a tax payer gets a [[tax exemption]] or deduction the amount of income that can be taxed is reduced whereas with a tax credit, the credit is applied against the final amount that is to be paid to the government.<ref name=Book1>Investopedia. "Tax Credit." [Online], Available: http://www.investopedia.com/terms/t/taxcredit.asp?ad=dirN&qo=investopediaSiteSearch&qsrc=0&o=40186 [Aug 22, 2016].</ref><ref>H. Kerr, K. McKenzie and J. Mintz. ''Tax Policy in Canada''. Toronto: Canadian Tax Foundation, 2012, pp.7:20.</ref>

	The under the "Residential Toilet Replacement Program" the Government of Alberta offers the residents of the City of Calgary a tax credit if they replace older, inefficient toilets with toilets that are certified to use less [[water]] per flush.<ref>Natural Resources Canada. "Program Details." [Online], Available: http://oee.nrcan.gc.ca/corporate/statistics/neud/dpa/policy_e/details.cfm?searchType=default&sectoranditems=all%7C0&max=10&pageId=1&categoryID=all&regionalDeliveryId=10&programTypes=4&keywords=&ID=4567&attr=0, Jun 30,2016 [Aug 22, 2016].</ref> This is an example of the government creating a [[fiscal incentive]] for homeowners to reduce their water consumption thus with the goal of reducing the overall usage of water in the municipality.		The under the "Residential Toilet Replacement Program" the Government of Alberta offers the residents of the City of Calgary a tax credit if they replace older, inefficient toilets with toilets that are certified to use less [[water]] per flush.<ref>Natural Resources Canada. "Program Details." [Online], Available: http://oee.nrcan.gc.ca/corporate/statistics/neud/dpa/policy_e/details.cfm?searchType=default&sectoranditems=all%7C0&max=10&pageId=1&categoryID=all&regionalDeliveryId=10&programTypes=4&keywords=&ID=4567&attr=0, Jun 30,2016 [Aug 22, 2016].</ref> This is an example of the government creating a [[fiscal incentive]] for homeowners to reduce their water consumption thus with the goal of reducing the overall usage of water in the municipality.

Jmdonev: 1 revision imported: From the summer

2016-09-17T22:29:46Z

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Jmdonev at 20:21, 26 August 2016

2016-08-26T20:21:11Z

New page

[[Category:Done 2016-04-30]]
<onlyinclude>A '''tax credit''' is a certain amount that a tax payer is able to subtract from their annual taxes they owe to the government, the size of the credit and the restrictions are determined beforehand.</onlyinclude><ref>J.Black, N. Hashimzade, and G. Myles. (2009) "Tax Credit." [Online], Available: http://www.oxfordreference.com/view/10.1093/acref/9780199237043.001.0001/acref-9780199237043-e-3079?rskey=o5BYmR&result=1, 2009 [Aug 22, 2016]</ref> A tax credit is issued as a dollar amount rather than a [[percentage]] of taxable income. For example if a tax payer gets a [[tax exemption]] or deduction the amount of income that can be taxed is reduced whereas with a tax credit, the credit is applied against the final amount that is to be paid to the government.<ref name=Book1>Investopedia. "Tax Credit." [Online], Available: http://www.investopedia.com/terms/t/taxcredit.asp?ad=dirN&qo=investopediaSiteSearch&qsrc=0&o=40186 [Aug 22, 2016].</ref><ref>H. Kerr, K. McKenzie and J. Mintz. ''Tax Policy in Canada''. Toronto: Canadian Tax Foundation, 2012, pp.7:20.</ref>

The under the "Residential Toilet Replacement Program" the Government of Alberta offers the residents of the City of Calgary a tax credit if they replace older, inefficient toilets with toilets that are certified to use less [[water]] per flush.<ref>Natural Resources Canada. "Program Details." [Online], Available: http://oee.nrcan.gc.ca/corporate/statistics/neud/dpa/policy_e/details.cfm?searchType=default&sectoranditems=all%7C0&max=10&pageId=1&categoryID=all&regionalDeliveryId=10&programTypes=4&keywords=&ID=4567&attr=0, Jun 30,2016 [Aug 22, 2016].</ref> This is an example of the government creating a [[fiscal incentive]] for homeowners to reduce their water consumption thus with the goal of reducing the overall usage of water in the municipality.

==Refundable Tax Credit==
A '''refundable tax credit''' is one that can be applied past the point of a $0 tax bill and become a refund. If a person’s tax bill is $300 and they receive a $400 tax credit then their tax liability after the credit is applied will be -$100 meaning that the government owes that tax payer money.<ref>Investopedia. "Refundable Credit." [Online], Available: http://www.investopedia.com/terms/r/refundablecredit.asp [Aug 21, 2016].</ref>

==Non-Refundable Tax Credit==
A '''non-refundable tax credit''' is a credit that can only be applied until the tax liability of a person reaches $0. Using the example above, Even though the tax liability is less than the credit the liability would just be reduced to 0 and the tax payer would not receive the full amount of the credit in the form of a refund.<ref name=Book1/>

==Energy Tax Credit==
In Canada, provinces have various tax credits that they offer for homeowners who invest in their homes to make them more energy efficient. There is a wide range of credits available to Canadians:<ref>Natural Resources Canada. "Rebates and incentives." ]Online], Available: http://www.nrcan.gc.ca/energy/products/energystar/why-buy/14136, Aug 17, 2016 [Aug 22, 2016]</ref>
*A tax credit for the replacement of less efficient appliances with more energy efficient "Energy Star" appliances.
*The upgrading to new, more efficient [[HVAC]] systems.
*The installation of [[ground source heat pump]]s to increase the efficiency of home heating an reduce reliance on fossil fuels or good electricity for home heating.
*A tax credit offered for the use of [[CFL light bulb | CFL]] and [[LED]] light fixtures.
These credits range from a few dollars to $20,000.

==Investment Tax Credit==
Tax credits can be offered to firms to encourage the initiation of new projects or to speed up the start date of new projects. Because the firm will have a smaller amount of taxes to pay, they don't have to raise as much [[capital]] as they would otherwise.<ref>R.W. Kopcke, G.B. Tootell and R.L. Triest. ''The Macroeconomics of Fiscal Policy''. Cambridge: Massachusetts Institute of Technology, 2006, pp. 9.</ref>

==See Also==
*[[Tax abatement]]
*[[Tax exemption]]
==References==
{{reflist}}