2.701 -Exemption of Credit Union Income

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

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.