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Definition of 'Child Tax Credit'
A credit given to taxpayers for each dependent child that is under the age of 17 at the end of the tax year. The Child Tax credit is a nonrefundable credit that reduces the taxpayer's liability on a dollar-for-dollar basis. The Child Tax credit is intended to provide an extra measure of tax relief for taxpayers with qualifying dependents.
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Investopedia explains 'Child Tax Credit'
Because the Child Tax credit is nonrefundable, it can only reduce the taxpayer's liability to zero. It should not be confused with dependency exemptions, which may be awarded for dependents that do not qualify for this credit. However, it can also be supplemented by the Additional Child Tax credit.
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