Deferrals of Gross Income

Fiscal Year 2012 Resource Summary (in Millions)
TAX EXPENDITURE	FY2010	FY2011	FY2012
Deferrals of Gross Income	0.1	0.1	0.1

item	description	amount
Deferrals of Gross Income		0.1
2.101	Deferral of Tax on Certain Shipping Companies Certain companies with merchant marine capital construction funds receive up to a 25-year deferral of tax on that portion of their net income, which is set aside for construction, modernization, and major repair of ships. Origin: IRC, S. 1177, S. 7518(c), (g)(5) Estimate: $0.1	0.1

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.