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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 These additional business excise taxes are the financial institution excise, the public utility excise which was repealed effective January 1, 2014, the excises on insurance companies, and the excise …Read more 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 2024 Corporate Excise Tax (in Millions)

Tax Expenditure
FY2020
FY2021
FY2022
FY2023
FY2024
2.000
Exclusions from Gross Income
153.4
179.8
214.2
224.9
228.8
2.100
Deferrals of Gross Income
11.4
10.8
11.2
12.1
12.3
2.200
Deductions from Gross Income
204.5
257.4
296.2
309.5
320.9
2.300
Accelerated Deductions from Gross Income
131.5
141.1
116.3
120.8
170.8
2.400
Adjustments to Apportionment Formula
391.2
401.9
412.7
423.9
435.3
2.500
Exclusions from Property Component
249.7
262.5
309.0
322.7
334.3
2.600
Credits Against Tax
730.9
772.5
820.7
857.2
894.7
2.700
Entity Exempt from Taxation
396.1
506.4
512.5
513.0
522.4
Total
2,268.7
2,532.4
2,692.8
2,784.1
2,919.5
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