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2.701 -Exemption of Credit Union Income
| Item | Description | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|---|---|---|---|---|---|
| 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: $6.8 |
6.9 | 6.4 | 5.9 | 6.6 | 6.8 |
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. |
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