Section 2: Corporate income taxes in 2011
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Corporate taxes payable by the non-financial sector rose 11.8% in 2011 to $43.4 billion. Taxes payable by enterprises in the manufacturing industries increased $1.1 billion, while utilities taxes payable increased by $0.7 billion. Real estate and the wholesale trade industries each saw a $0.6 billion increase in taxes payable in 2011.
Taxes payable by the finance and insurance industries increased by 4.2% to $15.2 billion. This included a $0.4 billion increase for the securities and commodity exchanges and other financial investment activities industry. For the non-depository credit intermediation industry, taxes payable decreased by $0.2 billion from 2010.
For all corporations, federal tax abatement increased to $21.1 billion, from $18.7 billion in 2010. The small business deduction rose to $9.3 billion, from $8.5 billion the year before. Overall, the total value of tax credits used was $49.8 billion, compared with $42.8 billion in 2010.
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