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Tax Credit

A direct reduction in the amount of tax owed, dollar for dollar. Unlike a deduction, which reduces the amount of income subject to tax, a credit reduces the final tax bill.

Internal Revenue Code (IRC)

The official body of tax laws in the United States, managed by the Internal Revenue Service (IRS).

Renewable Energy

Energy that comes from naturally replenishing sources, such as sunlight, wind, rain, tides, waves, and geothermal heat.

Carbon Capture

The process of trapping carbon dioxide emissions from large point sources, such as power plants or industrial facilities, and storing it to prevent it from entering the atmosphere.

Conforming Amendments

Changes made to existing laws to make them consistent with a new law or amendment, ensuring all related provisions align.

Taxable Year

The annual accounting period for which taxes are calculated and paid. For most individuals, this is the calendar year.