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
Tax Type
Tax Expenditure
Item Number
Item Name
Description
Origin
FY2016
FY2017
FY2018
FY2019
FY2020
Corporate Excise Tax
Entity Exempt from Taxation
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.<BR><BR>Comment: The estimate applies to only state-chartered credit unions.
<a href="http://www.law.cornell.edu/uscode/html/uscode26/usc_sec_26_00000501----000-.html" target="_blank">IRC, §501(c)(14)(A)</a>; M.G.L. c<a href="http://www.mass.gov/legis/laws/mgl/63-30.htm" target="_blank">. 63, § 30</a>
6.1
7.3
7.9
8.0
8.1
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