2.701 -Exemption of Credit Union Income

Item	Description	FY2011	FY2012	FY2013	FY2014	FY2015
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 generally exempt from the corporate excise, except are taxable on unrelated business income. Comment: The estimate applies to only state-chartered credit unions. Origin: IRC, S. 501(c)(14)(A), M.G.L. c. 63, S. 30 Estimate: $12.2	7.2	10.4	11.3	12.5	12.2

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.