Individuals or investors in extractive industries (mining or drilling natural resources) may take an immediate deduction for certain exploration and development costs. For a more detailed description of this tax expenditure, see corporate excise item 2.309; the provisions for individual taxpayers are somewhat more liberal than those that apply to corporations.
Origin: Code §§ 193, 263(c), 616, 617; M.G.L. c. 63, §
30.4.
Tax Type
Tax Expenditure
Item Number
Item Name
Description
Origin
FY2020
FY2021
FY2022
FY2023
FY2024
Personal Income Tax
Accelerated Deductions from Gross Income
1.308
Expensing Exploration and Development Costs
Individuals or investors in extractive industries (mining or drilling natural resources) may take an immediate deduction for certain exploration and development costs. For a more detailed description of this tax expenditure, see corporate excise item <a href="/tax-expenditure-budget/corporate-excise-tax/accelerated-deductions-from-gross-income/2-309">2.309</a>; the provisions for individual taxpayers are somewhat more liberal than those that apply to corporations.
Code §§ <a href="https://www.law.cornell.edu/uscode/text/26/193" target="_blank">193</a>, <a href="https://www.law.cornell.edu/uscode/text/26/263" target="_blank">263(c)</a>, <a href="https://www.law.cornell.edu/uscode/text/26/616" target="_blank">616</a>, <a href="https://www.law.cornell.edu/uscode/text/26/617" target="_blank">617</a>; M.G.L. <a href="https://malegislature.gov/Laws/GeneralLaws/PartI/TitleIX/Chapter63/Section30" target="_blank">c. 63, §<BR>30.4</a>.
Negligible
Negligible
Negligible
Negligible
Negligible
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