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

Exclusions from Property Component

Fiscal Year 2014 Resource Summary (in Millions)
Exclusions from Property Component 192.8 214.4 222.0

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item description amount
Exclusions from Property Component 222.0
2.501 Nontaxation of Certain Energy Property
Tangible property qualifying for the deduction for expenditures for alternative energy described in item 2.312 is not subject to taxation under the tangible property measure of the corporate excise.

Origin:  M.G.L. c. 63, S. 38H(f)
Estimate:  N.A.
2.502 Exemption for Property Subject to Local Taxation
In computing the state corporate excise on tangible property, property subject to tax at the local level is exempt. Generally, the state taxes only the machinery of manufacturing corporations and exempts business real estate and tangible personal property.

For purposes of estimating revenue loss from this tax expenditure, the state's rate on property (non-income measure), $2.60 per $1,000, has been applied.

Origin:  M.G.L. c. 63, S. 30(7)
Estimate:  $222.0


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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