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2.701 -Exemption of Credit Union Income
| Item | Description | FY2008 | FY2009 | FY2010 |
|---|---|---|---|---|
| 2.701 | Exemption of Credit Union Income
Credit unions, which are in effect mutual business organizations, are considered tax-exempt organizations for federal income tax purposes and therefore are exempt from the corporate excise as well. Origin: IRC S. 501(c)(14)(A) and M.G.L. c. 63, S. 30(1) Estimate: $3.9 |
3.6 | 3.8 | 3.9 |
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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