what is a general business credit
The general business credit is an umbrella term for a group of tax credits available to business owners and independent contractors.These credits act as incentives for people running their own businesses, providing them with more cash in hand to operate with.or each credit, a separate form must be filed to document eligibility, and the credits themselves are listed on another form that is used to calculate the total general business credit available for the year. There is a limit on the amount people can take as a credit, based on their income.