1.200 Deductions from Gross Income

Deductions from Gross Income

1.200

16.4

16.6

16.9

17.2

17.4

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1.201
Capital Gains Deduction for Collectibles

The expenditure provides a 50% deduction for long-term capital gains on the sale or exchange of collectibles.

M.G.L. c. 62, § 2(c)(3)

2.4

1.202
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.

M.G.L. c. 62, § 2(c)(2)

14.9

1.203
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.

IRC §§ 611, 613, and 613A

0.2

1.204
Abandoned Building Renovation Deduction

A deduction is provided to corporations and individuals for 10% of the cost of renovating abandoned buildings. The deduction is in addition to any other deduction available for the cost of such renovation. Thus, an additional deduction may be allowed for expenses already included in deductible business expenses or deductible depreciation. The deduction is part of the Massachusetts Economic Development Incentive Program (EDIP). To be deductible, the renovation costs must be incurred with respect to a building (i) located in an area designated as an economic opportunity area, and (ii) designated as abandoned, by the Economic Assistance Coordinating Council (EACC).

M.G.L. c. 62, § 3(B)(a)(10)

Negligible

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