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Tax Credit

A direct reduction in the amount of tax a person or company owes, dollar-for-dollar. It's more valuable than a deduction because it reduces the tax bill directly.

Tax Deduction

An amount that can be subtracted from a person's or company's taxable income, thereby reducing the total amount of income subject to tax.

Internal Revenue Code of 1986

The main body of federal tax law in the United States, which outlines how taxes are calculated, collected, and enforced.

Biofuel

Fuel derived directly from plant materials or animal waste, rather than from fossil fuels.

Carbon Oxide Sequestration

The process of capturing carbon dioxide emissions from industrial processes or power generation and storing them underground to prevent release into the atmosphere.

Renewable Resources

Energy sources that replenish naturally over a relatively short timeframe, such as sunlight, wind, water, and geothermal heat.