Governor Deval Patrick's Budget Recommendation - House 2 Fiscal Year 2015

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Corporate Excise Tax - All Detail

Fiscal Year 2015 Corporate Excise Tax (in Millions)
TAX EXPENDITURE
FY2011
FY2012
FY2013
FY2014
FY2015
2.000 - Exclusions from Gross Income 80.1 88.1 85.4 90.0 101.1
2.100 - Deferrals of Gross Income 0.4 0.4 0.4 0.4 0.4
2.200 - Deductions from Gross Income 192.7 200.5 201.4 223.3 217.5
2.300 - Accelerated Deductions from Gross Income 329.2 321.7 304.7 331.0 306.9
2.400 - Adjustments to Apportionment Formula 310.3 323.2 324.6 360.1 350.9
2.500 - Exclusions from Property Component 111.9 183.4 184.2 204.3 199.1
2.600 - Credits Against Tax 423.1 457.0 509.7 583.4 560.8
2.700 - Entity Exempt from Taxation 7.2 10.4 11.3 12.5 12.2

 

Fiscal Year 2015 Resource Summary (in Millions)
TAX EXPENDITURE FY2011 FY2012 FY2013 FY2014 FY2015
Exclusions from Gross Income 80.1 88.1 85.4 90.0 101.1

View tax item language

item description amount
Exclusions from Gross Income 101.1
2.001 Small Business Corporations 101.1
2.002 Exemption of Income from the Sale, Lease or Transfer of Certain Patents negligible

 

Fiscal Year 2015 Resource Summary (in Millions)
TAX EXPENDITURE FY2011 FY2012 FY2013 FY2014 FY2015
Deferrals of Gross Income 0.4 0.4 0.4 0.4 0.4

View tax item language

item description amount
Deferrals of Gross Income 0.4
2.101 Deferral of Tax on Certain Shipping Companies 0.4

 

Fiscal Year 2015 Resource Summary (in Millions)
TAX EXPENDITURE FY2011 FY2012 FY2013 FY2014 FY2015
Deductions from Gross Income 192.7 200.5 201.4 223.3 217.5

View tax item language

item description amount
Deductions from Gross Income 217.5
2.201 Charitable Contributions and Gifts Deduction 24.3
2.203 Net Operating Loss (NOL) Carry-Forward 192.3
2.204 Excess Natural Resource Depletion Allowance 0.9
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 2015 Resource Summary (in Millions)
TAX EXPENDITURE FY2011 FY2012 FY2013 FY2014 FY2015
Accelerated Deductions from Gross Income 329.2 321.7 304.7 331.0 306.9

View tax item language

item description amount
Accelerated Deductions from Gross Income 306.9
2.301 Modified Accelerated Cost Recovery System on Rental Housing 3.8
2.303 Expenditures to remove architectural and transportation barriers to the handicapped and elderly 0.3
2.304 Election to Deduct and Amortize Business Start-up Costs 0.6
2.305 Modified Accelerated Cost Recovery System for Equipment 199.5
2.306 Deduction for Excess First-Year Depreciation 2.9
2.307 Modified Accelerated Depreciation on Buildings (other than Rental Housing) 1.0
2.308 Expensing Research and Development Expenditures in One Year 97.4
2.309 Expensing Exploration and Development Costs 0.9
2.311 Five-Year Amortization of Pollution Control Facilities N.A.
2.312 Expensing of Alternative Energy Units 0.4
2.313 Seven-Year Amortization for Reforestation 0.2

 

Fiscal Year 2015 Resource Summary (in Millions)
TAX EXPENDITURE FY2011 FY2012 FY2013 FY2014 FY2015
Adjustments to Apportionment Formula 310.3 323.2 324.6 360.1 350.9

View tax item language

item description amount
Adjustments to Apportionment Formula 350.9
2.401 Unequal Weighting of Sales, Payroll, and Property in the Apportionment Formula 350.9

 

Fiscal Year 2015 Resource Summary (in Millions)
TAX EXPENDITURE FY2011 FY2012 FY2013 FY2014 FY2015
Exclusions from Property Component 111.9 183.4 184.2 204.3 199.1

View tax item language

item description amount
Exclusions from Property Component 199.1
2.501 Nontaxation of Certain Energy Property N.A.
2.502 Exemption for Property Subject to Local Taxation 199.1

 

Fiscal Year 2015 Resource Summary (in Millions)
TAX EXPENDITURE FY2011 FY2012 FY2013 FY2014 FY2015
Credits Against Tax 423.1 457.0 509.7 583.4 560.8

View tax item language

item description amount
Credits Against Tax 560.8
2.602 Investment Tax Credit 66.1
2.603 Vanpool Credit negligible
2.604 Research Credit 188.9
2.605 EDIP/Economic Development Incentive Program Credit 24.0
2.606 Credit for Employing Former Full-Employment Program Participants Not Active
2.607 Harbor Maintenance Tax Credit 1.6
2.608 Brownfields Credit 41.0
2.609 Low Income Housing Credit 73.5
2.610 Historic Buildings Rehabilitation Credit 40.8
2.614 Film (or Motion Picture) Credit 87.8
2.615 Medical Device User Fee Credit 0.5
2.616 Devens Refundable Tax Credit N.A.
2.617 Life Sciences Tax Incentive Program 24.5
2.618 Dairy Farmers Credit 0.5
2.619 Conservation Land Credit $0.0
2.620 Employer Wellness Program Tax Credit 9.4
2.621 Community Investment Tax Credit 2.3

 

Fiscal Year 2015 Resource Summary (in Millions)
TAX EXPENDITURE FY2011 FY2012 FY2013 FY2014 FY2015
Entity Exempt from Taxation 7.2 10.4 11.3 12.5 12.2

View tax item language

item description amount
Entity Exempt from Taxation 12.2
2.701 Exemption of Credit Union Income 12.2
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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