1.200 Deductions from Gross Income

Deductions from Gross Income

1.200

16.8

17.1

17.3

17.6

17.9

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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)

15.1

1.203
Excess Natural Resource Depletion Allowance

Due to Massachusetts' reliance on the Internal Revenue Code (Code) for purposes of determining income, taxpayers in extractive industries such as mining or drilling for natural resources may deduct a percentage of gross mining income as a depletion allowance ("percentage depletion") without regard to their cost basis in the income producing property and may continue to claim the depletion allowance even after the cost of the property has been reduced to zero. This method of cost recovery is often more beneficial to taxpayers than the traditional cost recovery method applicable to natural resource property. For a more detailed description of this tax expenditure, see corporate excise item 2.204.

IRC §§ 611 and 613A; M.G.L. c. 62, § 2(d)(1)

0.4

1.204
Abandoned Building Renovation Deduction

A deduction is provided to corporations and individuals for 10% of the cost of renovating abandoned buildings in certain areas. 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.

M.G.L. c. 62, § 3(B)(a)(10)

Negligible

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