758 / What credits may be taken against the tax?
Editor’s Note: Many of the credits listed below contain sunset provisions so that they apply only so long as Congress chooses to renew them from year to year. Congress historically acts late in the year to extend many credits and extender provisions (see below for more details). As of the date of this revision and with respect to provisions that are not permanent, Congress has not indicated whether it will extend various tax credits for future years.1 Applicable extension periods are noted in the discussion below. After rates have been applied to compute the tax, certain payments and credits may be subtracted from the tax to arrive at the amount of tax payable. Refundable credits are recoverable regardless of the amount of the taxpayer’s tax liability for the taxable year. The refundable credits include: