Origin: This tax expenditure results from Massachusetts' conformity to the Internal Revenue Code (Code) with regard to the immediate deduction allowed to farmers for soil and water conservation expenses, prevention of erosion, endangered species recovery, and fertilizer costs. Such items might otherwise have to be capitalized and depreciated or amortized over a number of years.
Origin: IRC §§ 175, 180 and MGL c. 62, §§ 1, 2(d)(1); c. 63, § 30
Tax Type
Tax Expenditure
Item Number
Item Name
Description
Origin
FY2021
FY2022
FY2023
FY2024
FY2025
Personal Income Tax
Accelerated Deductions from Gross Income
1.312
Expensing Certain Capital Outlays of Farmers
This tax expenditure results from Massachusetts' conformity to the Internal Revenue Code (Code) with regard to the immediate deduction allowed to farmers for soil and water conservation expenses, prevention of erosion, endangered species recovery, and fertilizer costs. Such items might otherwise have to be capitalized and depreciated or amortized over a number of years.
IRC §§ <a href="https://www.law.cornell.edu/uscode/text/26/175" target="_blank">175</a>, <a href="https://www.law.cornell.edu/uscode/text/26/180" target="_blank">180</a> and MGL <a href="https://malegislature.gov/Laws/GeneralLaws/PartI/TitleIX/Chapter62/Section1" target="_blank">c. 62, §§ 1, 2(d)(1)</a>; <a href="https://malegislature.gov/Laws/GeneralLaws/PartI/TitleIX/Chapter63/Section30" target="_blank">c. 63, § 30</a>
0.1
0.1
0.2
0.2
0.1
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