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Politics : The Heavily HEAVILY moderated Kamala Harris thread
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To: Sam who wrote (279)8/31/2024 2:44:26 PM
From: Doo of 362
 
Actually I think I mixed definitions in that question, but the question was generally correct.

A refundable tax credit is one that can be refunded in part or whole to the taxpayer regardless of whether the tax liability in the tax year is less than the total available credit under the code. A non-refundable credit is available only to the extent of the tax liability in the tax year.

So, if a taxpayer has a 2025 (assuming it were in effect) pre-credit tax liability of $18k, and the credit is $25k and refundable, then the taxpayer has $0 tax liability for 2025 and gets a check for $7k. If the tax credit is non-refundable, that same tax payer has $0 tax liability but doesn't get a check for the balance of the credit.
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