Posted on 01/02/2025 4:37:13 PM PST by Brian Griffin
Subpart A—Nonrefundable Personal Credits
Sec.
21.Expenses for household and dependent care services necessary for gainful employment.
22.Credit for the elderly and the permanently and totally disabled.
23.Adoption expenses.
24.Child tax credit.
25.Interest on certain home mortgages.
25A.American Opportunity and Lifetime Learning credits.
25B.Elective deferrals and IRA contributions by certain individuals.
25C.Energy efficient home improvement credit.
25D.Residential clean energy credit.
25E.Previously-owned clean vehicles.
26.Limitation based on tax liability; definition of tax liability.
Subpart C—Refundable Credits
Sec.
31.Tax withheld on wages.
32.Earned income.
33.Tax withheld at source on nonresident aliens and foreign corporations.
34.Certain uses of gasoline and special fuels.
35.Health insurance costs of eligible individuals.
36.First-time homebuyer credit.
36B.Refundable credit for coverage under a qualified health plan.
37.Overpayments of tax.
Subpart B—Other Credits
Sec.
27.Taxes of foreign countries and possessions of the United States.
30B.Alternative motor vehicle credit.
30C.Alternative fuel vehicle refueling property credit.
30D.Clean vehicle credit.
...the amount of the current year business credit is the sum of the following credits determined for the taxable year:
(1) the investment credit determined under section 46,
(2) the work opportunity credit determined under section 51(a),
(3) the alcohol fuels credit determined under section 40(a),
(4) the research credit determined under section 41(a),
(5) the low-income housing credit determined under section 42(a),
(6) the enhanced oil recovery credit under section 43(a),
(7) in the case of an eligible small business (as defined in section 44(b)),
the disabled access credit determined under section 44(a),
(8) the renewable electricity production credit under section 45(a),
(9) the empowerment zone employment credit determined under section 1396(a),
(10) the Indian employment credit as determined under section 45A(a),
(11) the employer social security credit determined under section 45B(a),
(12) the orphan drug credit determined under section 45C(a),
(13) the new markets tax credit determined under section 45D(a), (14) in the case of an eligible employer (as defined in section 45E(c)),
the small employer pension plan startup cost credit determined under section 45E(a),
(15) the employer-provided child care credit determined under section 45F(a),
(16) the railroad track maintenance credit determined under section 45G(a),
(17) the biodiesel fuels credit determined under section 40A(a),
(18) the low sulfur diesel fuel production credit determined under section 45H(a),
(19) the marginal oil and gas well production credit determined under section 45I(a),
(20) the distilled spirits credit determined under section 5011(a),
(21) the advanced nuclear power facility production credit determined under section 45J(a),
(22) the nonconventional source production credit determined under section 45K(a),
(23) the new energy efficient home credit determined under section 45L(a),
(24) the portion of the alternative motor vehicle credit to which section 30B(g)(1) applies,
(25) the portion of the alternative fuel vehicle refueling property credit to which section 30C(d)(1) applies,
(26) the mine rescue team training credit determined under section 45N(a),
(27) in the case of an eligible agricultural business (as defined in section 45O(e)),
the agricultural chemicals security credit determined under section 45O(a),
(28) the differential wage payment credit determined under section 45P(a),
(29) the carbon dioxide sequestration credit determined under section 45Q(a),
(30) the portion of the new clean vehicle credit to which section 30D(c)(1) applies,
(31) the small employer health insurance credit determined under section 45R,
(32) in the case of an eligible employer (as defined in section 45S(c)),
the paid family and medical leave credit determined under section 45S(a),
(33) in the case of an eligible employer (as defined in section 45T(c)),
the retirement auto-enrollment credit determined under section 45T(a), plus
(34) the zero-emission nuclear power production credit determined under section 45U(a).
(35) the sustainable aviation fuel credit determined under section 40B,
(36) the clean hydrogen production credit determined under section 45V(a),
(37) the qualified commercial clean vehicle credit determined under section 45W, plus
(38) the advanced manufacturing production credit determined under section 45X(a).
(41) in the case of an eligible small employer (as defined in section 45AA(c)),
the military spouse retirement plan eligibility credit determined under section 45AA(a).
...the amount of the investment credit determined under this section for any taxable year shall be the sum of-
(1) the rehabilitation credit,
(2) the energy credit,
(3) the qualifying advanced coal project credit,
(4) the qualifying gasification project credit,
(5) the qualifying advanced energy project credit, and
(6) the advanced manufacturing investment credit.
...the amount of the work opportunity credit determined under this section for the taxable year shall be equal to 40 percent of the qualified first-year wages for such year.
....
(2) Qualified first-year wages
The term "qualified first-year wages" means, with respect to any individual, qualified wages attributable to service rendered during the 1-year period beginning with the day the individual begins work for the employer.
(3) Limitation on wages per year taken into account
The amount of the qualified first-year wages which may be taken into account with respect to any individual shall not exceed $6,000 per year
($12,000 per year in the case of any individual who is a qualified veteran by reason of subsection (d)(3)(A)(ii)(I),
$14,000 per year in the case of any individual who is a qualified veteran by reason of subsection (d)(3)(A)(iv), and
$24,000 per year in the case of any individual who is a qualified veteran by reason of subsection (d)(3)(A)(ii)(II)).
Some are entirely proper, such as a credit for withholding tax and overpayments of tax.
32.Earned income.
How does Money you EARN become a Refundable TAX Credit?????
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