1.200
1.200 Deductions from Gross Income
Tax Expenditure Name
Tax Expenditure Number
FY2020
FY2021
FY2022
FY2023
FY2024
Deductions from Gross Income
1.200
16.3
16.4
16.6
16.9
17.2
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Tax Item
Description
Origin
FY2024
1.201
Capital Gains Deduction for Collectibles
Capital Gains Deduction for Collectibles
The expenditure provides a 50% deduction for long-term capital gains on the sale or exchange of collectibles
2.3
1.202
Deduction of Capital Losses Against Interest and Dividend Income
Deduction of Capital Losses Against Interest and Dividend Income
Taxpayers may deduct up to $2,000 of net capital loss against interest and dividend income.
14.7
1.203
Excess Natural Resource Depletion Allowance
Excess Natural Resource Depletion Allowance
Individuals or investors in extractive industries (mining or drilling natural resources) may deduct a percentage of gross mining income as a depletion allowance. The allowance may exceed the actual cost of the resource property. For a more detailed description of this tax expenditure, see corporate excise item 2.204.
0.2
1.204
Abandoned Building Renovation Deduction
Abandoned Building Renovation Deduction
Businesses renovating eligible buildings in Economic Opportunity Areas may deduct 10% of the cost of renovation from gross income. This deduction may be in addition to any other deduction for which the cost of renovation may qualify. To be eligible for this deduction, renovation costs must relate to buildings designated as abandoned by the Economic Assistance Coordinating Council.
Previously, the deduction was available only for improvements to abandoned buildings located in Economic Opportunity Areas ("EOA"), as designated by the EACC. However, in 2016, the legislature enacted An Act Relative To Job Creation And Workforce Development, which eliminated the EOA requirement, and inserted the requirement that the EACC need only "certify" a project. These changes are effective for tax years beginning on or after January 1, 2019.
Previously, the deduction was available only for improvements to abandoned buildings located in Economic Opportunity Areas ("EOA"), as designated by the EACC. However, in 2016, the legislature enacted An Act Relative To Job Creation And Workforce Development, which eliminated the EOA requirement, and inserted the requirement that the EACC need only "certify" a project. These changes are effective for tax years beginning on or after January 1, 2019.
Negligible
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