2.701 -Exemption of Credit Union Income

Item	Description	FY2009	FY2010	FY2011
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	6.2	4.2	3.4

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.