The total value of all the individual credits to be applied against income on a tax return. This credit can be carried forward for a number of years in most cases and can also be carried back in some cases.

Watch: Tax Deduction Vs. Tax Credit

The General Business Tax Credit is unique in that it is not a single separate credit. Instead, it represents a smorgasboard of specific tax credits that promote certain business activities, such as research, oil recovery, reforestation, or starting a pension plan. Each credit is tallied up on a separate form first, then carried over to the General Business Tax Credit Form 3800.