Investment Tax Credit. The credit against federal income taxes provided by the Revenue Act for qualified depreciable assets after December 31, 1961, except for suspension periods October 10, 1966 to March 9, 1967, and April 18, 1969 to August 15, 1971. Tax Reform Act of 1986 repeals regular ITC for property placed in service after December 31, 1985.

Investment Tax Credit. A credit against income taxes, usually computed as a percent of the cost of investment in certain types of assets.

A tax credit, which is an amount deducted directly from federal income tax otherwise payable, calculated as a fixed percentage of eligible expenditures on scientific research and experimental development.

investment tax credit. a provision of the tax code in which the government reduces a company's tax bill by an amount equal to a percentage of its spending on investment

Investment Tax Credit. A credit against taxes otherwise due from a taxpayer under the Internal Revenue Code. The credit is generally computed as a percentage of the costs of certain types of assets. It is currently not a part of the IRS Code.

Investment Tax Credit. A credit that a taxpayer is permitted to claim on the federal tax return (a direct offset to tax liability) as a result of ownership of qualified equipment. ITC was repealed by the Tax Reform Act of 1986, for all equipment placed in service after 1985.

Input Tax Credit is an additional reimbursement of GST (Goods & Services Tax) above the regular rebate rate of 67%. This reimbursement applies to expenses but depends on the level of commercial activity of the organization. In the Universityâ€(tm)s case, this is the amount of revenue earned from taxable or zero-rated sales to external parties (i.e. non-University departments).