Governor Deval Patrick's Budget Recommendation - House 1 Fiscal Year 2014

Entity Exempt from Taxation


Fiscal Year 2014 Resource Summary (in Millions)
TAX EXPENDITURE FY2012 FY2013 FY2014
Entity Exempt from Taxation 7.0 6.1 5.9

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item description amount
Entity Exempt from Taxation 5.9
2.701 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
Estimate:  $5.9
 
5.9
2.702 Tax-Exempt Organizations
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
Estimate:  N.A.
 
N.A.
2.703 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)
Estimate:  N.A.
 
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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