Tax Type

Tax Type Corporate Excise Tax

Beginning in Fiscal Year 2013, the corporate section of the Tax Expenditure Budget includes other business excises along with the corporate excise.  These additional business excise taxes are the financial institution excise, the public utility excise which was repealed effective January 1, 2014, the excises on insurance companies, and the …Read more 

Fiscal Year 2020 Corporate Excise Tax (in Millions)

Tax Expenditure
FY2016
FY2017
FY2018
FY2019
FY2020
2.000
Exclusions from Gross Income
116.4
119.5
116.6
118.1
122.8
2.100
Deferrals of Gross Income
0.8
0.8
0.8
0.8
0.8
2.200
Deductions from Gross Income
154.1
165.8
178.4
189.3
201.0
2.300
Accelerated Deductions from Gross Income
491.0
414.8
371.1
347.6
333.7
2.400
Adjustments to Apportionment Formula
377.1
382.3
387.4
392.6
398.0
2.500
Exclusions from Property Component
306.4
333.6
367.0
403.7
444.1
2.600
Credits Against Tax
528.3
558.5
608.2
632.2
658.8
2.700
Entity Exempt from Taxation
6.1
7.3
7.9
8.0
8.1
Total
1,980.2
1,982.6
2,037.4
2,092.3
2,167.3
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