Tax Credits

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Low-Income Housing Tax Credit - The Low-Income Housing Tax Credit (LIHTC) is a tax credit created under the Tax Reform Act of 1986 that gives incentives for the development of housing aimed at low-income Americans. The credits are also commonly called Section 42 in reference to the applicable section of the Internal Revenue Code.

Inland Revenue - Inland Revenue was a department of the British Government responsible for the collection of direct taxation, including income tax, national insurance contributions, capital gains tax, inheritance tax, corporation tax, petroleum revenue tax and stamp duty. More recently, the Inland Revenue have also administered the Tax Credits schemes, whereby monies are paid by the Government into a recipient's bank account or as part of their wage, ...

Dividend imputation - Dividend imputation in the Australian tax system allows companies to attach franking credits to dividends paid. Those credits represent company tax already paid, and for eligible shareholders (see eligibility below) the effect is that distributed company profits are taxed just once at the shareholder's tax rate.

Lucky duckies - Lucky duckies is a term that was used in Wall Street Journal editorials starting on 20 November 2002 to refer to Americans who pay no federal income tax because they are at an income level that is below the tax line (after deductions and credits). The term has outlived its original use to become a part of the informal terminology used in the tax reform debate in the United States.


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Revenue begins paying up over tax credits fiasco - The Inland Revenue has begun to pay out compensation to families that suffered delays in receiving their Child Tax Credit following the chaotic introduction of the new system.

Revenue recruits 500 to avoid new tax credit fiasco - ... new call centre in Newcastle in the spring, employing more than 500 staff as it seeks to avoid a repeat of the tax credit fiasco that hit millions of people.

Revenue staff may strike over tax credits chaos - Industrial action could be launched by Inland Revenue staff if there is a repeat of the tax credits chaos that inflicted misery on hundreds of thousands of families earlier this year.

Source: BazSites.net

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