Credits

The Credits are, under the Social Security Act, the determiners of eligibility for Social Security programs. A person earns credits by working in a job covered by Social Security and by paying Social Security taxes. In 1991, one credit was earned for each $540 in Social Security earnings. A maximum of four credits can be earned in a year. A minimum of 40 credits is required to qualify for retirement benefits.

IRS Publications about Credits

Fuel Tax Credits and Refunds

Foreign Tax Credit for Individuals

Credit for the Elderly or the Disabled

Earned Income Credit

Child Tax Credit

Code Sections about Credits

Sec. 22. Credit for the elderly and the permanently and totally disabled

Sec. 24. Child tax credit

Sec. 27. Taxes of foreign countries and possessions of the United States; possession tax credit

Sec. 30A. Puerto Rico economic activity credit

Sec. 30B. Alternative motor vehicle credit

Sec. 30C. Alternative fuel vehicle refueling property credit

Sec. 38. General business credit

Sec. 41. Credit for increasing research activities

Sec. 42. Low-income housing credit

Sec. 43. Enhanced oil recovery credit

Sec. 45A. Indian employment credit

Sec. 45B. Credit for portion of employer social security taxes paid with respect to employee cash tips

Sec. 45D. New markets tax credit

Sec. 45F. Employer-provided child care credit

Sec. 45G. Railroad track maintenance credit

Sec. 45H. Credit for production of low sulfur diesel fuel

Sec. 45I. Credit for producing oil and gas from marginal wells

Sec. 45J. Credit for production from advanced nuclear power facilities

Sec. 45K. Credit for producing fuel from a nonconventional source

Sec. 45L. New Energy Efficient Home Credit

Sec. 45M. Energy Efficient Appliance Credit

Sec. 46. Amount of credit

Sec. 47. Rehabilitation credit

Sec. 48. Energy credit

Sec. 48A. Qualifying advanced coal project credit

Sec. 48B. Qualifying gasification project credit

Sec. 51. Amount of credit

Sec. 53. Credit for prior year minimum tax liability

Sec. 54. Credit to holders of clean renewable energy bonds.

Sec. 77. Commodity credit loans

Sec. 78. Dividends received from certain foreign corporations by domestic corporations choosing foreign tax credit

Sec. 409. Qualifications for tax credit employee stock ownership plans

Sec. 418C. Overburden credit against minimum contribution requirement

Sec. 841. Credit for foreign taxes

Sec. 853. Foreign tax credit allowed to shareholders

Sec. 902. Deemed paid credit where domestic corporation owns 10 percent or more of voting stock of foreign corporation

Sec. 903. Credit for taxes in lieu of income, etc., taxes

Sec. 904. Limitation on credit

Sec. 908. Reduction of credit for participation in or co-operation with an international boycott

Sec. 936. Puerto Rico and possession tax credit

Sec. 960. Special rules for foreign tax credit

Sec. 1396. Empowerment zone employment credit

Sec. 1397E. Credit to holders of qualified zone academy bonds

Sec. 1400C. First-time homebuyer credit for District of Columbia

Sec. 1400H. Renewal community employment credit

Sec. 1462. Withheld tax as credit to recipient of income

Sec. 1551. Disallowance of the benefits of the graduated corporate rates and accumulated earnings credit

Sec. 2010. Unified credit against estate tax

Sec. 2011. Credit for State death taxes

Sec. 2012. Credit for gift tax

Sec. 2013. Credit for tax on prior transfers

Sec. 2014. Credit for foreign death taxes

Sec. 2015. Credit for death taxes on remainders

Sec. 2016. Recovery of taxes claimed as credit

Sec. 2505. Unified credit against gift tax

Sec. 2604. Credit for certain State taxes

Sec. 3303. Conditions of additional credit allowance

Sec. 3507. Advance payment of earned income credit

Sec. 5010. Credit for wine content and for flavors content

Sec. 5011. Income Tax Credit for Average Cost of Carrying Excise Tax.

Sec. 5056. Refund and credit of tax, or relief from liability

Sec. 5705. Credit, refund, or allowance of tax

Sec. 6407. Date of allowance of refund or credit

Sec. 6511. Limitations on credit or refund

Sec. 6709. Penalties with respect to mortgage credit certificates

Sec. 7486. Refund, credit, or abatement of amounts disallowed

Sec. 6429. Advance Payment of Portion of Increased Child Credit for 2003.

Sec. 7527. Advance payment of credit for health insurance costs of eligible individuals

Sec. 6050T. Returns relating to credit for health insurance costs of eligible individuals

Sec. 6426. Credit for certain alternative fuel mixtures

See also other Tax Terms and Definitions in the U.S.

Tax credits.