Refundable Tax Credit Programs

Refundable tax credit programs are government initiatives that reduce your tax bill dollar-for-dollar and can even provide a refund if the credit exceeds what you owe. This means if you qualify for a certain credit, it can lower your taxes to zero and give you extra money back. These programs aim to support individuals and families by increasing financial stability, particularly for those with lower incomes. Examples include the Earned Income Tax Credit (EITC) and the Child Tax Credit, which help ensure more people benefit from the support and have additional funds to meet their needs.