General Business Tax Credit

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DEFINITION of 'General Business Tax Credit'

The total value of all the individual credits to be applied against income on a tax return. This credit can be carried forward for a number of years in most cases and can also be carried back in some cases.

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BREAKING DOWN 'General Business Tax Credit'

The General Business Tax Credit is unique in that it is not a single separate credit. Instead, it represents a smorgasboard of specific tax credits that promote certain business activities, such as research, oil recovery, reforestation, or starting a pension plan. Each credit is tallied up on a separate form first, then carried over to the General Business Tax Credit Form 3800.

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