2.701 -Exemption of Credit Union Income

Item Description FY2014 FY2015 FY2016 FY2017 FY2018
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, §501(c)(14)(A) ; M.G.L. c . 63, § 30
Estimate:   $6.2
4.6 5.0 5.3 5.7 6.2

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.