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

Question

Quizplus · Accepted Answer

Tax credits are direct reductions in the amount of taxes that must be paid, dependent upon meeting some legal criteria. Tax abatements are a reduction in taxes owed that are granted by a government or other entity, typically as an incentive to promote economic development or other desirable activities. Grants are funds given to a person or business for a specific purpose, such as research or starting a new business. Debts are amounts owed to others that must be repaid.

Direct Reductions in the Amount of Taxes That Must Be