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Earned Income Tax Credit (EITC)

A tax benefit for low-to-moderate-income working people that can reduce the amount of tax owed or result in a refund, even if no tax was withheld.

Internal Revenue Code of 1986

The primary body of tax laws in the United States, which the Internal Revenue Service (IRS) enforces.

Taxable Year

The accounting period for which income taxes are calculated; for most individuals, this is the calendar year (January 1 to December 31).

Repeal

To officially cancel or withdraw a law or rule.

Qualifying Child

A child who meets certain age, relationship, residency, and support tests to be claimed for tax benefits like the Earned Income Tax Credit.