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Volume 2
- Budget Development
- Financial Statements
- Capital Budget
- Appropriation Recommendations
- Agency Information
- Operating Transfers
- Local Aid - Section 3
- Outside Sections
- Tax Expenditure Budget
- Appendix A
- Appendix D
Corporate Excise Tax - All Detail
TAX EXPENDITURE | FY2012 |
FY2013 |
FY2014 |
---|---|---|---|
2.000 - Exclusions from Gross Income | 86.9 | 93.9 | 98.6 |
2.100 - Deferrals of Gross Income | 1.0 | 1.0 | 1.0 |
2.200 - Deductions from Gross Income | 150.6 | 164.0 | 171.6 |
2.300 - Accelerated Deductions from Gross Income | 160.1 | 218.6 | 301.1 |
2.400 - Adjustments to Apportionment Formula | 279.8 | 302.7 | 319.2 |
2.500 - Exclusions from Property Component | 192.8 | 214.4 | 222.0 |
2.600 - Credits Against Tax | 441.9 | 482.5 | 508.4 |
2.700 - Entity Exempt from Taxation | 7.0 | 6.1 | 5.9 |
TAX EXPENDITURE | FY2012 | FY2013 | FY2014 |
---|---|---|---|
Exclusions from Gross Income | 86.9 | 93.9 | 98.6 |
View tax item language
item | description | amount |
---|---|---|
Exclusions from Gross Income | 98.6 | |
2.001 | Small Business Corporations | 98.6 |
2.002 | Exemption of Income from the Sale, Lease or Transfer of Certain Patents | negligible |
TAX EXPENDITURE | FY2012 | FY2013 | FY2014 |
---|---|---|---|
Deferrals of Gross Income | 1.0 | 1.0 | 1.0 |
View tax item language
item | description | amount |
---|---|---|
Deferrals of Gross Income | 1.0 | |
2.101 | Deferral of Tax on Certain Shipping Companies | 1.0 |
TAX EXPENDITURE | FY2012 | FY2013 | FY2014 |
---|---|---|---|
Deductions from Gross Income | 150.6 | 164.0 | 171.6 |
View tax item language
item | description | amount |
---|---|---|
Deductions from Gross Income | 171.6 | |
2.201 | Charitable Contributions and Gifts Deduction | 48.8 |
2.203 | Net Operating Loss Carry-Over | 122.8 |
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 |
TAX EXPENDITURE | FY2012 | FY2013 | FY2014 |
---|---|---|---|
Accelerated Deductions from Gross Income | 160.1 | 218.6 | 301.1 |
View tax item language
item | description | amount |
---|---|---|
Accelerated Deductions from Gross Income | 301.1 | |
2.301 | Modified Accelerated Cost Recovery System on Rental Housing | 2.7 |
2.303 | Expenditures to remove architectural and transportation barriers to the handicapped and elderly | 0.6 |
2.304 | Election to Deduct and Amortize Business Start-up Costs | 0.2 |
2.305 | Modified Accelerated Cost Recovery System for Equipment | 190.6 |
2.306 | Deduction for Excess First-Year Depreciation | 21.3 |
2.307 | Modified Accelerated Depreciation on Buildings (other than Rental Housing) | 1.3 |
2.308 | Expensing Research and Development Expenditures in One Year | 83.9 |
2.309 | Expensing Exploration and Development Costs | Negligible |
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 | 0.1 |
TAX EXPENDITURE | FY2012 | FY2013 | FY2014 |
---|---|---|---|
Adjustments to Apportionment Formula | 279.8 | 302.7 | 319.2 |
View tax item language
item | description | amount |
---|---|---|
Adjustments to Apportionment Formula | 319.2 | |
2.401 | Unequal Weighting of Sales, Payroll, and Property in the Apportionment Formula | 319.2 |
TAX EXPENDITURE | FY2012 | FY2013 | FY2014 |
---|---|---|---|
Exclusions from Property Component | 192.8 | 214.4 | 222.0 |
View tax item language
item | description | amount |
---|---|---|
Exclusions from Property Component | 222.0 | |
2.501 | Nontaxation of Certain Energy Property | N.A. |
2.502 | Exemption for Property Subject to Local Taxation | 222.0 |
TAX EXPENDITURE | FY2012 | FY2013 | FY2014 |
---|---|---|---|
Credits Against Tax | 441.9 | 482.5 | 508.4 |
View tax item language
item | description | amount |
---|---|---|
Credits Against Tax | 508.4 | |
2.602 | Investment Tax Credit | 74.7 |
2.603 | Vanpool Credit | Negligible |
2.604 | Research Credit | 174.2 |
2.605 | EDIP/Economic Development Incentive Program Credit | 23.6 |
2.606 | Credit for Employing Former Full-Employment Program Participants | Not active |
2.607 | Harbor Maintenance Tax Credit | 1.0 |
2.608 | Brownfields Credit | 35.1 |
2.609 | Low Income Housing Credit | 44.3 |
2.610 | Historic Buildings Rehabilitation Credit | 47.9 |
2.614 | Film (or Motion Picture) Credit | 78.0 |
2.615 | Medical Device User Fee Credit | 0.4 |
2.616 | Devens Refundable Tax Credit | $0.0 |
2.617 | Life Sciences Tax Incentive Program | 16.9 |
2.618 | Dairy Farmers Credit | 1.0 |
2.619 | Conservation Land Credit | 1.2 |
2.620 | Employer Wellness Program Tax Credit | 9.4 |
2.621 | Community Investment Tax Credit | 0.8 |
TAX EXPENDITURE | FY2012 | FY2013 | FY2014 |
---|---|---|---|
Entity Exempt from Taxation | 7.0 | 6.1 | 5.9 |
View tax item language
item | description | amount |
---|---|---|
Entity Exempt from Taxation | 5.9 | |
2.701 | Exemption of Credit Union Income | 5.9 |
2.702 | Tax-Exempt Organizations | N.A. |
2.703 | Exemption for Regulated Investment Companies | N.A. |
Key:
ORIGIN | |
IRC | Federal 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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