2.502 -Exemption for Property Subject to Local Taxation

Item	Description	FY2010	FY2011	FY2012
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. For purposes of estimating revenue loss from this tax expenditure, the state's rate on property, $2.60 per $1,000, has been applied. Origin: M.G.L. c. 63, S. 30(7) Estimate: $158.6	140.7	148.2	158.6

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.