carryover

carryover definition - legal

n

The part of an income tax credit or deduction that cannot be entirely claimed in a given tax year, but that a person may apply against (and thereby reduce) their tax liability for a subsequent year. See also carryback.

Webster's New World Law Dictionary Copyright © 2006 by Wiley Publishing, Inc., Hoboken, New Jersey.
Used by arrangement with John Wiley & Sons, Inc.

Comments
Improve this definition.
Do you have more to add? Share your linguistic knowledge or observation.
/Register to save your comments.