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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 These additional business excise taxes are the financial institution excise, the public utility excise which was repealed effective January 1, 2014, the excises on insurance companies, and the excise …Read more 

Fiscal Year 2023 Corporate Excise Tax (in Millions)

Tax Expenditure
FY2019
FY2020
FY2021
FY2022
FY2023
2.000
Exclusions from Gross Income
149.4
152.6
156.6
161.3
169.2
2.100
Deferrals of Gross Income
10.1
10.8
10.1
10.5
11.4
2.200
Deductions from Gross Income
224.7
229.3
241.8
255.9
266.9
2.300
Accelerated Deductions from Gross Income
324.5
291.4
239.8
191.6
145.8
2.400
Adjustments to Apportionment Formula
407.8
418.2
428.7
439.4
451.0
2.500
Exclusions from Property Component
260.5
273.5
287.2
301.6
316.4
2.600
Credits Against Tax
701.8
710.2
789.2
873.8
882.9
2.700
Entity Exempt from Taxation
431.3
397.0
505.3
529.5
533.5
Total
2,510.1
2,483.0
2,658.7
2,763.6
2,777.1
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