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Tax Credit

A direct reduction in the amount of tax a person or company owes, dollar for dollar, rather than a deduction from taxable income.

Taxable Year

The annual period used for calculating income tax liability; for most individuals, this is the calendar year, but businesses may use a fiscal year.

Effective Date

The date on which a law, regulation, or contract takes legal effect and begins to apply.

Sunset Provision

A clause in a law that states it will expire or be repealed after a certain date, unless explicitly extended by further legislative action. This bill removes such a provision.

American Samoa

An unincorporated territory of the United States located in the South Pacific Ocean.

Retroactive

Taking effect from a date in the past, rather than from the date of enactment.