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Child Tax Credit

A tax benefit for eligible taxpayers who have qualifying children, designed to help families offset the costs of raising children.

Refundable Tax Credit

A tax credit that can result in a refund check to the taxpayer, even if the amount of the credit is more than the taxes they owe. If the credit is non-refundable, it can only reduce the tax owed to zero but not result in a payment.

Income Limitations

Rules that reduce or eliminate a tax credit or deduction for taxpayers whose income is above a certain level.

Internal Revenue Code (IRC)

The body of law that codifies all federal tax laws, including income, gift, estate, and excise taxes.

Taxable Year

The annual period used for calculating income tax. For most individual taxpayers, this is the calendar year (January 1 to December 31).

Deadwood

Outdated or obsolete provisions in a law that no longer serve a purpose and are removed through amendments.

Conforming Amendments

Changes made to other sections of a law to ensure consistency with a primary amendment, or to remove language that is no longer relevant due to the primary change.