Quick Links
Volume 1
- Budget Message
- Issues in Brief
- Budget Recommendations
- Local Aid to Cities and Towns
- Capital Budget and Debt
Volume 2
- Budget Development
- Financial Statements
- Appropriation Recommendations
- Operating Transfers
- Local Aid - Section 3
- Outside Sections
- Tax Expenditure Budget
- Appendix A
- Glossary
2.701 -Exemption of Credit Union Income
| Item | Description | FY2011 | FY2012 | FY2013 |
|---|---|---|---|---|
| 2.701 | Exemption of Credit Union Income
Credit unions, which are in effect mutual business organizations, are considered tax-exempt organizations for federal income tax purposes and therefore are exempt from the corporate excise as well. Comment: The estimate applies to state-chartered credit unions only. Origin: IRC, S. 501(c)(14)(A), M.G.L. c. 63, S. 30 Estimate: $2.6 |
3.4 | 3 | 2.6 |
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. |
top of page