| Item | Description | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 |
|---|---|---|---|---|---|---|
| 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: $5.7 |
5.5 | 6.1 | 6.2 | 5.7 | 5.7 |
| 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. |