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Rebate

tax payment

Discount; diminution of interest on capital lent in consideration of prompt repayment thereof; reduction of a stipulated charge that is not credited in advance but is returned subsequent to payment in full.

A tax rebate is a sum of money refunded to a taxpayer after full payment of the tax has been made.

Rather than reducing retail prices, many automobile manufacturers choose to offer rebates to new car buyers.
KIM KULISH/CORBIS SABA

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