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

2.701 -Exemption of Credit Union Income


Item DescriptionFY2012 FY2013 FY2014
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
7 6.1 5.9

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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