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, M.G.L. c. 63, S. 30
|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.|