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re: I asked Dasher on Facebook if he supports corporate welfare
Posted on 10/19/14 at 2:58 pm to LeonPhelps
Posted on 10/19/14 at 2:58 pm to LeonPhelps
quote:
Is this tax credit refundable?
It is convertible to cash regardless of whether you have taxes to pay or not. It is based on expenses and not income.
It is just like the state giving you a "tax credit" for 30% of your power bill, your gasoline bill and your food bill. Then telling you regardless if you owe taxes or not they would give you cash for the credit. Tax credit is a misnomer of this subsidy.
1
Posted on 10/19/14 at 3:09 pm to I B Freeman
quote:
It is convertible to cash regardless of whether you have taxes to pay or not. It is based on expenses and not income.
That is the definition of "refundable tax credit". So "yes" would have sufficed. Nonrefundable means it can bring your tax bill to $0 at most but it will not result in net cash paid to you by the state. I don't think refundable tax credits should be allowed in any circumstance.
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