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 |
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. |