| TAX EXPENDITURE | FY2011 | FY2012 | FY2013 |
|---|---|---|---|
| Deferrals of Gross Income | 1.2 | 1.1 | 1.1 |
| item | description | amount |
|---|---|---|
| Deferrals of Gross Income | 1.1 | |
| 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: $1.1 |
1.1 |
| 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. |