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Exclusions from Gross Income
TAX EXPENDITURE | FY2011 | FY2012 | FY2013 |
---|---|---|---|
Exclusions from Gross Income | 3,502.2 | 3,644.2 | 4,286.1 |
item | description | amount |
---|---|---|
Exclusions from Gross Income | 4,286.1 | |
1.001 | Exemption of Premiums on Accident and Accidental Death Insurance 1 | 23.7 |
1.002 | Exemption of Premiums on Group-Term Life Insurance 1 | 11.5 |
1.003 | Exemption of Interest on Life Insurance Policy and Annuity Cash Value | 210.8 |
1.004 | Exemption of Employer Contributions for Medical Insurance Premiums and Medical Care 1 | 943.1 |
1.005 | Exemption of Annuity or Pension Payments to Fire and Police Personnel | N.A. |
1.006 | Exemption of Distributions from Certain Contributory Pension and Annuity Plans 2 | 280.1 |
1.007 | Exemption of Railroad Retirement Benefits | 4.6 |
1.008 | Exemption of Public Assistance Benefits | 229.8 |
1.009 | Exemption of Social Security Benefits | 839.0 |
1.010 | Exemption of Workers' Compensation Benefits | 8.5 |
1.011 | Exemption for Dependent Care Expenses 1 | 9.0 |
1.012 | Exemption of Certain Foster Care Payments | 3.1 |
1.013 | Exemption of Payments Made to Coal Miners | Negligible |
1.014 | Exemption of Rental Value of Parsonages 1 | 2.1 |
1.015 | Exemption of Scholarships and Fellowships | 19.1 |
1.016 | Exemption of Certain Prizes and Awards | N.A. |
1.017 | Exemption of Cost-Sharing Payments | Negligible |
1.018 | Exemption of Meals and Lodging Provided at Work 1 | 7.7 |
1.019 | Treatment of Business-Related Entertainment Expenses 1 | N.A. |
1.020 | Exemption of Income from the Sale, Lease, or Transfer of Certain Patents | N.A. |
1.021 | Exemption of Capital Gains on Home Sales | 239.6 |
1.022 | Nontaxation of Capital Gains at Death | 1,217.0 |
1.023 | Exemption of Interest from Massachusetts Obligations | 99.1 |
1.024 | Exemption of Benefits and Allowances to Armed Forces Personnel 1 | 24.5 |
1.025 | Exemption of Veterans' Pensions, Disability Compensation and G.I. Benefits | 30.1 |
1.026 | Exemption of Military Disability Pensions | 0.5 |
1.027 | Exemption of Compensation to Massachusetts-Based Nonresident Military Personnel | 9.5 |
1.028 | Exemption for Taxpayers Killed in Military Action or by Terrorist Activity | N.A. |
1.029 | Exemption for Retirement Pay of the Uniformed Services | 26.5 |
1.030 | Parking, T-Pass and Vanpool Fringe Benefits | 38.8 |
1.031 | Health Savings Accounts | included in 1.422 |
1.032 | Employer-Provided Adoption Assistance | $0.0 |
1.033 | Employer-Provided Educational Assistance | 8.4 |
1.034 | Qualified Retirement Planning Services | N.A. |
1.035 | Department of Defense Homeowners Assistance Plan | N.A. |
1.036 | Survivor Annuities of Fallen Public Safety Officers | N.A. |
1.037 | Survivor Annuities of Fallen Astronauts | N.A. |
1.038 | Discharge of Indebtedness for Victims of Terrorism | N.A. |
1.039 | Discharge of Indebtedness for Health Care Professionals | Negligible |
1.040 | Archer Medical Savings Accounts | included in 1.420 |
Key:
ORIGIN | |
IRC | Federal Internal Revenue Code (26 U.S.C.) |
---|---|
U.S.C | United States Code |
M.G.L. | Massachusetts General Laws |
Rev. Rul.; C.B. | Revenue Ruling; Cumulative Bulletin of the U.S. Treasury |
ESTIMATES | All estimates are in $ millions. |
Footnote(s):
1 1 This item and others citing this endnote cover employee fringe benefits. We accept as standard the following treatment of these benefits: the expense incurred by the employer in providing the benefit is properly deductible as a business expense and the benefit is taxed as compensation to the employee as if the employee had received taxable compensation and then used it to purchase the benefit. Of course, there are problems with this analysis. In some cases, the "benefit" is more a condition of employment than a true benefit. For example, a teacher required to have lunch in the school cafeteria may prefer to eat elsewhere even if the school lunch is free. On the other hand, in many cases the provision of tax-free employee benefits is clearly a substitution for taxable compensation.
2 2 This item and others citing this endnote cover contributory pension plans. The standard tax treatment of these plans is as follows: Component Standard Treatment Contributions: Made out of income that is currently taxed to employees. Investment Income: Taxed to the employee as "earned" income. Distributions from Pension Funds: Tax-free to the extent they are made out of dollars previously taxed to the employees as contributions or investment income. The non-standard treatment of contributions, investment income, or distributions as described in items 1.006, 1.101, 1.104, and 1.402, results in either nontaxation or deferrals of tax.
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