Miscellaneous Tax Credits
Definition of 'Miscellaneous Tax Credits'
A group of less common tax credits that apply to taxpayers in various situations. As with all other tax credits, miscellaneous tax credits are designed to reward and promote certain types of economic activities, such as the purchase of hybrid automobiles or to reward those who have taken appropriate measures to make their homes more energy-efficient.
Investopedia explains 'Miscellaneous Tax Credits'
There are several miscellaneous tax credits available, such as the mortgage interest credit, the prior-year alternative minimum tax credit, the foreign tax credit, and the hybrid and electric vehicle credit.
Most miscellaneous credits are non-refundable, except for the credit for excess Social Security or railroad retirement withholdings.