Exclusions from Property Component

Fiscal Year 2019 Resource Summary (in Millions)
TAX EXPENDITURE	FY2015	FY2016	FY2017	FY2018	FY2019
Exclusions from Property Component	298.8	300.5	319.8	340.2	362.4

item	description	amount
Exclusions from Property Component		362.4
2.501	Nontaxation of Certain Energy Property Tangible property qualifying for the deduction for expenditures for alternative energy described in item 2.312 is not subject to taxation under the tangible property measure of the corporate excise. Origin: M.G.L. c. 63, § 38H(f) Estimate: Not Active	Not Active
2.502	Exemption for Property Subject to Local Taxation In computing the state corporate excise on tangible property, property subject to tax at the local level is exempt. Generally, the state taxes only the machinery of manufacturing corporations and exempts business real estate and tangible personal property. For purposes of estimating revenue loss from this tax expenditure, the state's non-income measure rate on property, $2.60 per $1,000, has been applied. Origin: M.G.L. c. 63, § 30(7) Estimate: $362.4	362.4

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.