Circuit Breaker

Definition

• An electrical device that is used to turn power off and on in sectors of a building, and to limit the flow of electricity through a circuit for safety.
• In taxes, a credit to reduce property taxes for elderly and/or permanently disabled; state-financed property tax credit that decreases as an individual's income increases; usually elderly and/or permanently disabled qualify. Not available in Canada.

Synonyms
property tax deferment

Alternate Spellings
Property Tax Deferment

Related Terms and Acronyms

• Marital Deduction — Definition,
  • For estate tax and gift tax purposes, a deduction that allows you to transfer assets to your spouse tax-free.
• Tax Credit (TC) — Acronym, Important,
  • Tax credits are used to reduce the amount of the tax owed. Tax credits are more valuable than deductions because they directly reduce the amount of tax owed, rather than reducing the amount of income that is taxed.
• Tax Deduction — Definition,
  • An expense that governments allow you to subtract from your income before computing your income tax.
• Tax Liability — Definition,
  • The total amount of tax you owe.