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    Corporate Excise Tax - All Detail

    Fiscal Year 2019 Corporate Excise Tax (in Millions)
    TAX EXPENDITURE
    FY2015
    FY2016
    FY2017
    FY2018
    FY2019
    2.000 - Exclusions from Gross Income 95.7 114.4 116.3 112.5 110.6
    2.100 - Deferrals of Gross Income 0.8 0.8 0.8 0.8 0.8
    2.200 - Deductions from Gross Income 159.2 167.7 177.0 187.4 200.5
    2.300 - Accelerated Deductions from Gross Income 375.6 520.3 509.7 457.9 418.8
    2.400 - Adjustments to Apportionment Formula 336.3 345.1 350.1 354.8 359.9
    2.500 - Exclusions from Property Component 298.8 300.5 319.8 340.2 362.4
    2.600 - Credits Against Tax 554.5 584.1 610.0 670.3 700.1
    2.700 - Entity Exempt from Taxation 5.5 6.1 6.2 5.7 5.7

     

    Fiscal Year 2019 Resource Summary (in Millions)
    TAX EXPENDITURE FY2015 FY2016 FY2017 FY2018 FY2019
    Exclusions from Gross Income 95.7 114.4 116.3 112.5 110.6

    View tax item language

    item description amount
    Exclusions from Gross Income 110.6
    2.001 Small Business Corporations 110.6
    2.002 Exemption of Income from the Sale, Lease or Transfer of Certain Patents negligible

     

    Fiscal Year 2019 Resource Summary (in Millions)
    TAX EXPENDITURE FY2015 FY2016 FY2017 FY2018 FY2019
    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 2019 Resource Summary (in Millions)
    TAX EXPENDITURE FY2015 FY2016 FY2017 FY2018 FY2019
    Deductions from Gross Income 159.2 167.7 177.0 187.4 200.5

    View tax item language

    item description amount
    Deductions from Gross Income 200.5
    2.201 Charitable Contributions and Gifts Deduction 25.2
    2.203 Net Operating Loss (NOL) Carry-Forward 174.1
    2.204 Excess Natural Resource Depletion Allowance 1.2
    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 2019 Resource Summary (in Millions)
    TAX EXPENDITURE FY2015 FY2016 FY2017 FY2018 FY2019
    Accelerated Deductions from Gross Income 375.6 520.3 509.7 457.9 418.8

    View tax item language

    item description amount
    Accelerated Deductions from Gross Income 418.8
    2.301 Modified Accelerated Cost Recovery System on Rental Housing 3.7
    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 246.8
    2.306 Deduction for Excess First-Year Depreciation 116.6
    2.307 Modified Accelerated Depreciation on Buildings (other than Rental Housing) 1.6
    2.308 Expensing Research and Development Expenditures in One Year 47.5
    2.309 Expensing Exploration and Development Costs 0.1
    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 0.3

     

    Fiscal Year 2019 Resource Summary (in Millions)
    TAX EXPENDITURE FY2015 FY2016 FY2017 FY2018 FY2019
    Adjustments to Apportionment Formula 336.3 345.1 350.1 354.8 359.9

    View tax item language

    item description amount
    Adjustments to Apportionment Formula 359.9
    2.401 Unequal Weighting of Sales, Payroll, and Property in the Apportionment Formula 359.9

     

    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

    View tax item language

    item description amount
    Exclusions from Property Component 362.4
    2.501 Nontaxation of Certain Energy Property Not Active
    2.502 Exemption for Property Subject to Local Taxation 362.4

     

    Fiscal Year 2019 Resource Summary (in Millions)
    TAX EXPENDITURE FY2015 FY2016 FY2017 FY2018 FY2019
    Credits Against Tax 554.5 584.1 610.0 670.3 700.1

    View tax item language

    item description amount
    Credits Against Tax 700.1
    2.602 Investment Tax Credit 78.5
    2.603 Vanpool Credit Negligible
    2.604 Research Credit 280.3
    2.605 Economic Development Incentive Program Credit 24.3
    2.606 Credit for Employing Former Full-Employment Program Participants Not Active
    2.607 Harbor Maintenance Tax Credit 1.4
    2.608 Brownfields Credit 54.3
    2.609 Low Income Housing Credit 98.0
    2.610 Historic Buildings Rehabilitation Credit 48.2
    2.614 Film (or Motion Picture) Credit 78.0
    2.615 Medical Device User Fee Credit 2.5
    2.617 Life Sciences Tax Incentive Program 24.4
    2.618 Dairy Farmers Credit $0.0
    2.619 Conservation Land Credit $0.0
    2.620 Employer Wellness Program Tax Credit $0.0
    2.621 Community Investment Tax Credit 3.0
    2.622 Certified Housing Development Tax Credit 6.8
    2.623 Veteran's Hire Tax Credit 0.5

     

    Fiscal Year 2019 Resource Summary (in Millions)
    TAX EXPENDITURE FY2015 FY2016 FY2017 FY2018 FY2019
    Entity Exempt from Taxation 5.5 6.1 6.2 5.7 5.7

    View tax item language

    item description amount
    Entity Exempt from Taxation 5.7
    2.701 Exemption of Credit Union Income 5.7
    2.702 Tax-Exempt Organizations N.A.
    2.703 Exemption for Regulated Investment Companies N.A.

    Key:

    ORIGIN  
    IRCFederal 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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