- Budget Development
- Financial Statements
- Capital Budget
- Appropriation Recommendations
- Agency Information
- Operating Transfers
- Local Aid - Section 3
- Outside Sections
- Tax Expenditure Budget
- Personal Income Tax
- Corporate and Other Business Excise
- Sales Tax
- Appendix A
- Appendix D
Entity Exempt from Taxation
|Entity Exempt from Taxation||7.0||6.1||5.9|
|Entity Exempt from Taxation||5.9|
Exemption of Credit Union Income
Credit unions, which are in effect mutual business organizations, are considered tax-exempt organizations for federal income tax purposes and therefore are generally exempt from the corporate excise, except are taxable on unrelated business income.
Comment: The estimate applies to only state-chartered credit unions.
Origin: IRC, S. 501(c)(14)(A), M.G.L. c. 63, S. 30
Corporations considered to be tax-exempt under section 501 of the Internal Revenue Code (such as religious, scientific and educational organizations) are exempt from tax under the corporate excise. The non-taxation of their net income and property creates a tax expenditure.
Origin: IRC, S. 501, M.G.L. c. 63, S. 30
Exemption for Regulated Investment Companies
Regulated Investment Companies are exempt from the corporate excise. This item constitutes a tax expenditure in Massachusetts, though it is not considered a TEB at the federal level.
Origin: M.G.L. c. 63, S. 68C(8)
|IRC||Federal 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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