Governor Deval Patrick's Budget Recommendation - House 2 Fiscal Year 2011

Governor's Budget Recommendation FY 2011

Corporate Excise Tax - All Detail

Fiscal Year 2011 Corporate Excise Tax (in Millions)
TAX EXPENDITURE
FY2009
FY2010
FY2011
2.000 - Exclusions from Gross Income 60.7 59.2 58.6
2.100 - Deferrals of Gross Income 0.1 0.1 0.1
2.200 - Deductions from Gross Income 181.3 180.4 178.7
2.300 - Accelerated Deductions from Gross Income 303.4 290.5 284.3
2.400 - Adjustments to Apportionment Formula 310.4 307.9 318.5
2.500 - Exclusions from Property Component 143.8 131.0 135.7
2.600 - Credits Against Tax 193.9 203.2 201.8
2.700 - Entity Exempt from Taxation 6.2 4.2 3.4

 

Fiscal Year 2010 Resource Summary (in Millions)
TAX EXPENDITURE FY2009 FY2010 FY2011
Exclusions from Gross Income 60.7 59.2 58.6

item description amount
Exclusions from Gross Income 58.6
2.001 Small Business Corporations 58.6
2.002 Exemption of Income from the Sale, Lease or Transfer of Certain Patents N.A.

 

Fiscal Year 2010 Resource Summary (in Millions)
TAX EXPENDITURE FY2009 FY2010 FY2011
Deferrals of Gross Income 0.1 0.1 0.1

item description amount
Deferrals of Gross Income 0.1
2.101 Deferral of Tax on Certain Shipping Companies 0.1

 

Fiscal Year 2010 Resource Summary (in Millions)
TAX EXPENDITURE FY2009 FY2010 FY2011
Deductions from Gross Income 181.3 180.4 178.7

item description amount
Deductions from Gross Income 178.7
2.201 Charitable Deduction 88.2
2.203 Net Operating Loss Carry-Over 90.4
2.204 Excess Natural Resource Depletion Allowance Negligible
2.205 Deduction for Certain Dividends of Cooperatives N.A.
2.206 Abandoned Building Renovation Deduction 0.1

 

Fiscal Year 2010 Resource Summary (in Millions)
TAX EXPENDITURE FY2009 FY2010 FY2011
Accelerated Deductions from Gross Income 303.4 290.5 284.3

item description amount
Accelerated Deductions from Gross Income 284.3
2.301 Accelerated Depreciation on Rental Housing 2.9
2.302 Accelerated Depreciation for Rehabilitation of Low-Income Housing N.A.
2.303 Expensing for Removal of Barriers to the Handicapped 0.2
2.304 Five-Year Amortization of Start-Up Costs 0.3
2.305 The Accelerated Cost Recovery System (ACRS) for Equipment 189.5
2.306 Deduction for Excess First-Year Depreciation 0.6
2.307 Accelerated Depreciation on Buildings (other than Rental Housing) 6.4
2.308 Expensing Research and Development Expenditures in One Year 79.9
2.309 Expensing Exploration and Development Costs 1.6
2.310 Five-Year Amortization of Certain Operating Rights N.A.
2.311 Five-Year Amortization of Pollution Control Facilities N.A.
2.312 Expensing Certain Expenditures for Alternative Energy Sources 2.9
2.313 Seven-Year Amortization for Reforestation N.A.

 

Fiscal Year 2010 Resource Summary (in Millions)
TAX EXPENDITURE FY2009 FY2010 FY2011
Adjustments to Apportionment Formula 310.4 307.9 318.5

item description amount
Adjustments to Apportionment Formula 318.5
2.401 Unequal Weighting of Sales, Payroll, and Property in the Apportionment Formula 318.5

 

Fiscal Year 2010 Resource Summary (in Millions)
TAX EXPENDITURE FY2009 FY2010 FY2011
Exclusions from Property Component 143.8 131.0 135.7

item description amount
Exclusions from Property Component 135.7
2.501 Nontaxation of Certain Energy Property N.A.
2.502 Exemption for Property Subject to Local Taxation 135.7

 

Fiscal Year 2010 Resource Summary (in Millions)
TAX EXPENDITURE FY2009 FY2010 FY2011
Credits Against Tax 193.9 203.2 201.8

item description amount
Credits Against Tax 201.8
2.602 Investment Tax Credit 47.0
2.603 Vanpool Credit (VPC) 0.1
2.604 Research Credit 71.8
2.605 Economic Opportunity Area Credit (EOAC) 14.6
2.606 Credit for Employing Former Full-Employment Program Participants Negligible
2.607 Credit for Harbor Maintenance Taxes Paid 1.3
2.608 Brownfields Credit 2.8
2.609 Low Income Housing Credit 1.8
2.610 Historic Buildings Rehabilitation Credit 21.3
2.611 Jobs Incentive Payment for Biotechnology and Medical Device Companies Negligible
2.612 Solar Heat Credit Expired
2.613 Home Energy Efficiency Credit Expired
2.614 Film (or Motion Picture) Credit 10.1
2.615 Medical Device User Fee Credit 3.2
2.616 Devens Refundable Tax Credit 6.0
2.617 Life Sciences Tax Incentive Program 20.0
2.618 Dairy Farmer Tax Credit 1.8

 

Fiscal Year 2010 Resource Summary (in Millions)
TAX EXPENDITURE FY2009 FY2010 FY2011
Entity Exempt from Taxation 6.2 4.2 3.4

item description amount
Entity Exempt from Taxation 3.4
2.701 Exemption of Credit Union Income 3.4
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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