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Tax credits to reduce taxable income

Assignment:

In recent years, corporations have used tax credits to reduce their taxable income to minimal levels - even zero. This has been done through foreign tax credits due to overseas investments and low income housing tax credits.

Using one of the resources identified in this module to research tax issues, identify one tax credit currently available to corporations.
What is required of the corporation to claim the tax credit?
Discuss your opinion on the use of tax credits to minimize payment of taxes. Who benefits? Consider both the social impact and the boost to retained earnings.

Write your answer in 100 words.

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