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A credit is a reduction in the amount of tax paid. Credits are usually fixed amounts. E.g., a tuition tax credit reduces the amount of tax paid by the amount of the credit. Credits can be refundable, i.e., the credit is given to the taxpayer even when no actual taxes are paid (such as when deductions exceed income).
Peter Francis Dunne CNZM (born 17 March 1954) is a retired New Zealand politician who was the Member of Parliament (MP) for Ōhāriu.He held the seat and its predecessors from 1984 to 2017—representing the Labour Party in Parliament from 1984 to 1994, and a succession of minor centrist parties from 1994.