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2.502 -Exemption for Property Subject to Local Taxation
| Item | Description | FY2008 | FY2009 | FY2010 |
|---|---|---|---|---|
| 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. Origin: M.G.L. c. 63, S. 30(7) Estimate: $168.6 |
153.9 | 161.9 | 168.6 |
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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