Governor Deval Patrick's Budget Recommendation - House 1 Fiscal Year 2014

Corporate Excise Tax - All Detail

Fiscal Year 2014 Corporate Excise Tax (in Millions)
TAX EXPENDITURE
FY2012
FY2013
FY2014
2.000 - Exclusions from Gross Income 86.9 93.9 98.6
2.100 - Deferrals of Gross Income 1.0 1.0 1.0
2.200 - Deductions from Gross Income 150.6 164.0 171.6
2.300 - Accelerated Deductions from Gross Income 160.1 218.6 301.1
2.400 - Adjustments to Apportionment Formula 279.8 302.7 319.2
2.500 - Exclusions from Property Component 192.8 214.4 222.0
2.600 - Credits Against Tax 441.9 482.5 508.4
2.700 - Entity Exempt from Taxation 7.0 6.1 5.9

 

Fiscal Year 2014 Resource Summary (in Millions)
TAX EXPENDITURE FY2012 FY2013 FY2014
Exclusions from Gross Income 86.9 93.9 98.6

View tax item language

item description amount
Exclusions from Gross Income 98.6
2.001 Small Business Corporations 98.6
2.002 Exemption of Income from the Sale, Lease or Transfer of Certain Patents negligible

 

Fiscal Year 2014 Resource Summary (in Millions)
TAX EXPENDITURE FY2012 FY2013 FY2014
Deferrals of Gross Income 1.0 1.0 1.0

View tax item language

item description amount
Deferrals of Gross Income 1.0
2.101 Deferral of Tax on Certain Shipping Companies 1.0

 

Fiscal Year 2014 Resource Summary (in Millions)
TAX EXPENDITURE FY2012 FY2013 FY2014
Deductions from Gross Income 150.6 164.0 171.6

View tax item language

item description amount
Deductions from Gross Income 171.6
2.201 Charitable Contributions and Gifts Deduction 48.8
2.203 Net Operating Loss Carry-Over 122.8
2.204 Excess Natural Resource Depletion Allowance 0.1
2.205 Deduction for Certain Dividends of Cooperatives N.A.
2.206 Economic opportunity areas; tax deduction for renovation of abandoned buildings Negligible

 

Fiscal Year 2014 Resource Summary (in Millions)
TAX EXPENDITURE FY2012 FY2013 FY2014
Accelerated Deductions from Gross Income 160.1 218.6 301.1

View tax item language

item description amount
Accelerated Deductions from Gross Income 301.1
2.301 Modified Accelerated Cost Recovery System on Rental Housing 2.7
2.303 Expenditures to remove architectural and transportation barriers to the handicapped and elderly 0.6
2.304 Election to Deduct and Amortize Business Start-up Costs 0.2
2.305 Modified Accelerated Cost Recovery System for Equipment 190.6
2.306 Deduction for Excess First-Year Depreciation 21.3
2.307 Modified Accelerated Depreciation on Buildings (other than Rental Housing) 1.3
2.308 Expensing Research and Development Expenditures in One Year 83.9
2.309 Expensing Exploration and Development Costs Negligible
2.311 Five-Year Amortization of Pollution Control Facilities N.A.
2.312 Alternative energy sources; deduction 0.4
2.313 Seven-Year Amortization for Reforestation 0.1

 

Fiscal Year 2014 Resource Summary (in Millions)
TAX EXPENDITURE FY2012 FY2013 FY2014
Adjustments to Apportionment Formula 279.8 302.7 319.2

View tax item language

item description amount
Adjustments to Apportionment Formula 319.2
2.401 Unequal Weighting of Sales, Payroll, and Property in the Apportionment Formula 319.2

 

Fiscal Year 2014 Resource Summary (in Millions)
TAX EXPENDITURE FY2012 FY2013 FY2014
Exclusions from Property Component 192.8 214.4 222.0

View tax item language

item description amount
Exclusions from Property Component 222.0
2.501 Nontaxation of Certain Energy Property N.A.
2.502 Exemption for Property Subject to Local Taxation 222.0

 

Fiscal Year 2014 Resource Summary (in Millions)
TAX EXPENDITURE FY2012 FY2013 FY2014
Credits Against Tax 441.9 482.5 508.4

View tax item language

item description amount
Credits Against Tax 508.4
2.602 Investment Tax Credit 74.7
2.603 Vanpool Credit Negligible
2.604 Research Credit 174.2
2.605 EDIP/Economic Development Incentive Program Credit 23.6
2.606 Credit for Employing Former Full-Employment Program Participants Not active
2.607 Harbor Maintenance Tax Credit 1.0
2.608 Brownfields Credit 35.1
2.609 Low Income Housing Credit 44.3
2.610 Historic Buildings Rehabilitation Credit 47.9
2.614 Film (or Motion Picture) Credit 78.0
2.615 Medical Device User Fee Credit 0.4
2.616 Devens Refundable Tax Credit $0.0
2.617 Life Sciences Tax Incentive Program 16.9
2.618 Dairy Farmers Credit 1.0
2.619 Conservation Land Credit 1.2
2.620 Employer Wellness Program Tax Credit 9.4
2.621 Community Investment Tax Credit 0.8

 

Fiscal Year 2014 Resource Summary (in Millions)
TAX EXPENDITURE FY2012 FY2013 FY2014
Entity Exempt from Taxation 7.0 6.1 5.9

View tax item language

item description amount
Entity Exempt from Taxation 5.9
2.701 Exemption of Credit Union Income 5.9
2.702 Tax-Exempt Organizations N.A.
2.703 Exemption for Regulated Investment Companies N.A.

Key:

ORIGIN  
IRCFederal 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.

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