Governor Deval Patrick's Budget Recommendation - House 2 Fiscal Year 2013

Governor's Budget Recommendation FY 2013

Corporate Excise Tax - All Detail


Fiscal Year 2013 Corporate Excise Tax (in Millions)
TAX EXPENDITURE
FY2011

FY2012

FY2013
2.000 - Exclusions from Gross Income 72.2 71.3 71.0
2.100 - Deferrals of Gross Income 1.2 1.1 1.1
2.200 - Deductions from Gross Income 142.6 137.8 137.1
2.300 - Accelerated Deductions from Gross Income 255.2 237.0 243.0
2.400 - Adjustments to Apportionment Formula 296.1 273.5 262.2
2.500 - Exclusions from Property Component 200.3 195.5 191.0
2.600 - Credits Against Tax 358.4 416.1 416.0
2.700 - Entity Exempt from Taxation 3.4 3.0 2.6

 

Fiscal Year 2013 Resource Summary (in Millions)
TAX EXPENDITURE FY2011 FY2012 FY2013
Exclusions from Gross Income 72.2 71.3 71.0

View tax item language

item description amount
Exclusions from Gross Income 71.0
2.001 Small Business Corporations 71.0
2.002 Exemption of Income from the Sale, Lease or Transfer of Certain Patents negligible

 

Fiscal Year 2013 Resource Summary (in Millions)
TAX EXPENDITURE FY2011 FY2012 FY2013
Deferrals of Gross Income 1.2 1.1 1.1

View tax item language

item description amount
Deferrals of Gross Income 1.1
2.101 Deferral of Tax on Certain Shipping Companies 1.1

 

Fiscal Year 2013 Resource Summary (in Millions)
TAX EXPENDITURE FY2011 FY2012 FY2013
Deductions from Gross Income 142.6 137.8 137.1

View tax item language

item description amount
Deductions from Gross Income 137.1
2.201 Charitable Contributions and Gifts Deduction 46.5
2.203 Net Operating Loss Carry-Over 90.6
2.204 Excess Natural Resource Depletion Allowance Negligible
2.205 Deduction for Certain Dividends of Cooperatives N.A.
2.206 Economic opportunity areas; tax deduction for renovation of abandoned buildings Negligible

 

Fiscal Year 2013 Resource Summary (in Millions)
TAX EXPENDITURE FY2011 FY2012 FY2013
Accelerated Deductions from Gross Income 255.2 237.0 243.0

View tax item language

item description amount
Accelerated Deductions from Gross Income 243.0
2.301 Accelerated Depreciation on Rental Housing 1.6
2.303 Expenditures to remove architectural and transportation barriers to the handicapped and elderly 0.2
2.304 Five-Year Amortization of Start-Up Costs 0.2
2.305 The Accelerated Cost Recovery System (ACRS) for Equipment 171.5
2.306 Deduction for Excess First-Year Depreciation 3.4
2.307 Accelerated Depreciation on Buildings (other than Rental Housing) 4.4
2.308 Expensing Research and Development Expenditures in One Year 61.1
2.309 Expensing Exploration and Development Costs Negligible
2.311 Five-Year Amortization of Pollution Control Facilities N.A.
2.312 Alternative energy sources; deduction 0.5
2.313 Seven-Year Amortization for Reforestation 0.1

 

Fiscal Year 2013 Resource Summary (in Millions)
TAX EXPENDITURE FY2011 FY2012 FY2013
Adjustments to Apportionment Formula 296.1 273.5 262.2

View tax item language

item description amount
Adjustments to Apportionment Formula 262.2
2.401 Unequal Weighting of Sales, Payroll, and Property in the Apportionment Formula 262.2

 

Fiscal Year 2013 Resource Summary (in Millions)
TAX EXPENDITURE FY2011 FY2012 FY2013
Exclusions from Property Component 200.3 195.5 191.0

View tax item language

item description amount
Exclusions from Property Component 191.0
2.501 Nontaxation of Certain Energy Property N.A.
2.502 Exemption for Property Subject to Local Taxation 191.0

 

Fiscal Year 2013 Resource Summary (in Millions)
TAX EXPENDITURE FY2011 FY2012 FY2013
Credits Against Tax 358.4 416.1 416.0

View tax item language

item description amount
Credits Against Tax 416.0
2.602 Investment Tax Credit 56.5
2.603 Vanpool Credit Negligible
2.604 Research Credit 110.9
2.605 EDIP/Economic Development Incentive Program Credit 21.7
2.606 Credit for Employing Former Full-Employment Program Participants Not active
2.607 Harbor Maintenance Tax Credit 1.0
2.608 Brownfields Credit 24.6
2.609 Low Income Housing Credit 38.6
2.610 Historic Buildings Rehabilitation Credit 47.5
2.614 Film (or Motion Picture) Credit 82.6
2.615 Medical Device User Fee Credit 3.6
2.616 Devens Refundable Tax Credit $0.0
2.617 Life Sciences Tax Incentive Program 25.0
2.618 Dairy Farmers Credit 3.6
2.619 Conservation Land Credit(NEW) 0.5

 

Fiscal Year 2013 Resource Summary (in Millions)
TAX EXPENDITURE FY2011 FY2012 FY2013
Entity Exempt from Taxation 3.4 3.0 2.6

View tax item language

item description amount
Entity Exempt from Taxation 2.6
2.701 Exemption of Credit Union Income 2.6
2.702 Tax-Exempt Organizations N.A.
2.703 Exemption for Regulated Investment Companies N.A.

Key:

ORIGIN  
IRCFederal Internal Revenue Code (26 U.S.C.)
M.G.L. Massachusetts General Laws
U.S.C United States Code
ESTIMATES All estimates are in $ millions.


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