Corporate Excise Tax - All Detail

Fiscal Year 2012 Corporate Excise Tax (in Millions)
TAX EXPENDITURE
FY2010
FY2011
FY2012
2.000 - Exclusions from Gross Income 69.6 76.0 75.2
2.100 - Deferrals of Gross Income 0.1 0.1 0.1
2.200 - Deductions from Gross Income 161.2 155.1 153.7
2.300 - Accelerated Deductions from Gross Income 279.7 290.7 298.6
2.400 - Adjustments to Apportionment Formula 304.7 320.7 340.0
2.500 - Exclusions from Property Component 140.7 148.2 158.6
2.600 - Credits Against Tax 183.1 233.4 229.3
2.700 - Entity Exempt from Taxation 3.5 3.4 3.0

 

Fiscal Year 2012 Resource Summary (in Millions)
TAX EXPENDITURE FY2010 FY2011 FY2012
Exclusions from Gross Income 69.6 76.0 75.2

item description amount
Exclusions from Gross Income 75.2
2.001 Small Business Corporations 75.2
2.002 Exemption of Income from the Sale, Lease or Transfer of Certain Patents N.A.

 

Fiscal Year 2012 Resource Summary (in Millions)
TAX EXPENDITURE FY2010 FY2011 FY2012
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 2012 Resource Summary (in Millions)
TAX EXPENDITURE FY2010 FY2011 FY2012
Deductions from Gross Income 161.2 155.1 153.7

item description amount
Deductions from Gross Income 153.7
2.201 Charitable Contributions and Gifts Deduction 61.9
2.203 Net Operating Loss Carry-Over 91.6
2.204 Excess Natural Resource Depletion Allowance 0.1
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 2012 Resource Summary (in Millions)
TAX EXPENDITURE FY2010 FY2011 FY2012
Accelerated Deductions from Gross Income 279.7 290.7 298.6

item description amount
Accelerated Deductions from Gross Income 298.6
2.301 Accelerated Depreciation on Rental Housing 1.9
2.302 Accelerated Depreciation for Rehabilitation of Low-Income Housing N.A.
2.303 Expenditures to remove architectural and transportation barriers to the handicapped and elderly 0.3
2.304 Five-Year Amortization of Start-Up Costs 0.2
2.305 The Accelerated Cost Recovery System (ACRS) for Equipment 227.6
2.306 Deduction for Excess First-Year Depreciation 3.5
2.307 Accelerated Depreciation on Buildings (other than Rental Housing) 6.3
2.308 Expensing Research and Development Expenditures in One Year 57.4
2.309 Expensing Exploration and Development Costs 1.1
2.310 Five-Year Amortization of Certain Operating Rights N.A.
2.311 Five-Year Amortization of Pollution Control Facilities N.A.
2.312 Alternative energy sources; deduction 0.4
2.313 Seven-Year Amortization for Reforestation N.A.

 

Fiscal Year 2012 Resource Summary (in Millions)
TAX EXPENDITURE FY2010 FY2011 FY2012
Adjustments to Apportionment Formula 304.7 320.7 340.0

item description amount
Adjustments to Apportionment Formula 340.0
2.401 Unequal Weighting of Sales, Payroll, and Property in the Apportionment Formula 340.0

 

Fiscal Year 2012 Resource Summary (in Millions)
TAX EXPENDITURE FY2010 FY2011 FY2012
Exclusions from Property Component 140.7 148.2 158.6

item description amount
Exclusions from Property Component 158.6
2.501 Nontaxation of Certain Energy Property N.A.
2.502 Exemption for Property Subject to Local Taxation 158.6

 

Fiscal Year 2012 Resource Summary (in Millions)
TAX EXPENDITURE FY2010 FY2011 FY2012
Credits Against Tax 183.1 233.4 229.3

item description amount
Credits Against Tax 229.3
2.602 Investment Tax Credit 44.5
2.603 Vanpool Credit 0.1
2.604 Research Credit 80.3
2.605 EDIP/Economic Development Incentive Program Credit 19.6
2.606 Credit for Employing Former Full-Employment Program Participants Not active
2.607 Harbor Maintenance Tax Credit 1.1
2.608 Brownfields Credit 0.1
2.609 Low Income Housing Credit 2.2
2.610 Historic Buildings Rehabilitation Credit 21.3
2.611 Jobs Incentive Payment for Biotechnology and Medical Device Companies Expired
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 3.6
2.616 Devens Refundable Tax Credit 19.8
2.617 Life Sciences Tax Incentive Program 25.0
2.618 Dairy Farmers Credit 1.8

 

Fiscal Year 2012 Resource Summary (in Millions)
TAX EXPENDITURE FY2010 FY2011 FY2012
Entity Exempt from Taxation 3.5 3.4 3.0

item description amount
Entity Exempt from Taxation 3.0
2.701 Exemption of Credit Union Income 3.0
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.