Entity Exempt from Taxation

Fiscal Year 2010 Resource Summary (in Millions)
TAX EXPENDITURE	FY2009	FY2010	FY2011
Entity Exempt from Taxation	6.2	4.2	3.4

item	description	amount
Entity Exempt from Taxation		3.4
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: $3.4	3.4
2.702	Tax-Exempt Organizations Corporations considered to be tax-exempt under section 501 of the Internal Revenue Code (such as religious, scientific and educational organizations) are exempt from tax under the corporate excise. The non-taxation of their net income and property creates a tax expenditure. Origin: IRC S. 501 and M.G.L. c. 63, S. 30(1) Estimate: N.A.	N.A.
2.703	Exemption for Regulated Investment Companies Corporate Regulated Investment Companies are exempt from the corporate excise. The non-taxation of their net income and property creates tax expenditure. Origin: M.G.L. c. 63, S. 30 and 38B Estimate: N.A.	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.