Governor Charles D. Baker's Budget Recommendation - House 1 Fiscal Year 2018

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Corporate Excise Tax - All Detail

Fiscal Year 2018 Corporate Excise Tax (in Millions)
TAX EXPENDITURE
FY2014
FY2015
FY2016
FY2017
FY2018
2.000 - Exclusions from Gross Income 80.7 87.2 94.4 98.8 97.8
2.100 - Deferrals of Gross Income 0.8 0.8 0.8 0.8 0.8
2.200 - Deductions from Gross Income 154.5 170.0 177.3 185.1 193.3
2.300 - Accelerated Deductions from Gross Income 375.8 384.6 381.0 390.0 419.4
2.400 - Adjustments to Apportionment Formula 315.3 332.4 337.0 341.6 346.2
2.500 - Exclusions from Property Component 273.7 299.6 303.1 324.3 347.0
2.600 - Credits Against Tax 462.2 549.1 561.3 606.8 653.7
2.700 - Entity Exempt from Taxation 4.6 5.0 5.3 5.7 6.2

Fiscal Year 2018 Resource Summary (in Millions)
TAX EXPENDITURE FY2014 FY2015 FY2016 FY2017 FY2018
Exclusions from Gross Income 80.7 87.2 94.4 98.8 97.8

View tax item language

item description amount
Exclusions from Gross Income 97.8
2.001 Small Business Corporations 97.8
2.002 Exemption of Income from the Sale, Lease or Transfer of Certain Patents $0.0

Fiscal Year 2018 Resource Summary (in Millions)
TAX EXPENDITURE FY2014 FY2015 FY2016 FY2017 FY2018
Deferrals of Gross Income 0.8 0.8 0.8 0.8 0.8

View tax item language

item description amount
Deferrals of Gross Income 0.8
2.101 Deferral of Tax on Certain Shipping Companies 0.8

Fiscal Year 2018 Resource Summary (in Millions)
TAX EXPENDITURE FY2014 FY2015 FY2016 FY2017 FY2018
Deductions from Gross Income 154.5 170.0 177.3 185.1 193.3

View tax item language

item description amount
Deductions from Gross Income 193.3
2.201 Charitable Contributions and Gifts Deduction 22.6
2.203 Net Operating Loss (NOL) Carry-Forward 168.6
2.204 Excess Natural Resource Depletion Allowance 2.2
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 2018 Resource Summary (in Millions)
TAX EXPENDITURE FY2014 FY2015 FY2016 FY2017 FY2018
Accelerated Deductions from Gross Income 375.8 384.6 381.0 390.0 419.4

View tax item language

item description amount
Accelerated Deductions from Gross Income 419.4
2.301 Modified Accelerated Cost Recovery System on Rental Housing 3.9
2.303 Expenditures to Remove Architectural and Transportation Barriers to the Handicapped and Elderly 0.4
2.304 Election to Deduct and Amortize Business Start-up Costs 0.4
2.305 Modified Accelerated Cost Recovery System for Equipment 263.0
2.306 Deduction for Excess First-Year Depreciation 6.4
2.307 Modified Accelerated Depreciation on Buildings (other than Rental Housing) 1.6
2.308 Expensing Research and Development Expenditures in One Year 140.4
2.309 Expensing Exploration and Development Costs 1.3
2.311 Five-Year Amortization of Pollution Control Facilities 1.4
2.312 Expensing of Alternative Energy Units Not Active
2.313 Seven-Year Amortization for Reforestation 0.6

Fiscal Year 2018 Resource Summary (in Millions)
TAX EXPENDITURE FY2014 FY2015 FY2016 FY2017 FY2018
Adjustments to Apportionment Formula 315.3 332.4 337.0 341.6 346.2

View tax item language

item description amount
Adjustments to Apportionment Formula 346.2
2.401 Unequal Weighting of Sales, Payroll, and Property in the Apportionment Formula 346.2

Fiscal Year 2018 Resource Summary (in Millions)
TAX EXPENDITURE FY2014 FY2015 FY2016 FY2017 FY2018
Exclusions from Property Component 273.7 299.6 303.1 324.3 347.0

View tax item language

item description amount
Exclusions from Property Component 347.0
2.501 Nontaxation of Certain Energy Property Not Active
2.502 Exemption for Property Subject to Local Taxation 347.0

Fiscal Year 2018 Resource Summary (in Millions)
TAX EXPENDITURE FY2014 FY2015 FY2016 FY2017 FY2018
Credits Against Tax 462.2 549.1 561.3 606.8 653.7

View tax item language

item description amount
Credits Against Tax 653.7
2.602 Investment Tax Credit 77.2
2.603 Vanpool Credit Negligible
2.604 Research Credit 242.4
2.605 Economic Development Incentive Program Credit 23.1
2.606 Credit for Employing Former Full-Employment Program Participants Not Active
2.607 Harbor Maintenance Tax Credit 1.2
2.608 Brownfields Credit 48.5
2.609 Low Income Housing Credit 95.5
2.610 Historic Buildings Rehabilitation Credit 45.1
2.614 Film (or Motion Picture) Credit 78.0
2.615 Medical Device User Fee Credit 1.9
2.617 Life Sciences Tax Incentive Program 25.0
2.618 Dairy Farmers Credit $0.0
2.619 Conservation Land Credit $0.0
2.620 Employer Wellness Program Tax Credit 3.8
2.621 Community Investment Tax Credit 3.0
2.622 Certified Housing Development Tax Credit 9.0

Fiscal Year 2018 Resource Summary (in Millions)
TAX EXPENDITURE FY2014 FY2015 FY2016 FY2017 FY2018
Entity Exempt from Taxation 4.6 5.0 5.3 5.7 6.2

View tax item language

item description amount
Entity Exempt from Taxation 6.2
2.701 Exemption of Credit Union Income 6.2
2.702 Tax-Exempt Organizations N.A.
2.703 Exemption for Regulated Investment Companies N.A.

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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