Direct reductions in the amount of taxes that must be paid,dependent upon meeting some legal criteria are called as

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Tax credits are direct reductions in the amount of taxes that must be paid, dependent upon meeting some legal criteria. Tax abatements refer to a reduction in the amount of tax owed due to special circumstances, while grants refer to money given by the government or another organization for a specific purpose. Debts refer to money that is owed and needs to be repaid.

Direct Reductions in the Amount of Taxes That Must Be