Tax credit

lowering of the amount of tax that must be paid

The term tax credit described two different concepts:The first is a recognition of partial payment already made towards taxes due. The second is a state benefit paid to employees through the tax system, which has the effect of increasing (rather than reducing) net income.
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Noun
1. a direct reduction in tax liability (not dependent on the taxpayer's tax bracket)
(hypernym) decrease, diminution, reduction, step-down

A direct dollar-for-dollar reduction in tax allowed for expenses such as child care and R&D for building low-income housing. Compare tax deduction.

Tax credit
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