Section 2: Corporate income taxes in 2013
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Corporate taxes payable by the non-financial industries reached $48.7 billion in 2013, an increase of $4.5 billion from 2012. This was the third consecutive year of increases in taxes payable by these industries. The non-financial industries accounted for over three-quarters of the total taxes payable by incorporated businesses in 2013.
Significant increases were posted by food and beverage stores, and telecommunications (each increasing close to $0.7 billion), as well as real estate (+$0.5 billion). Oil and gas extraction and support activities (-$0.3 billion) and mining and quarrying (-$0.2 billion) reported lower taxes payable, slightly offsetting the overall increase. In the manufacturing industries, taxes payable increased by close to $0.5 billion, to $8.5 billion. The wholesale trade industries had an overall level of $5.5 billion, representing a 1.1% increase from the previous year.
Taxes payable in the financial sector decreased by $0.6 billion in 2013, to $14.2 billion. The largest reductions were reported by property and casualty insurance carriers, as well as the banking and other depository credit intermediation industry, each down $0.6 billion. Meanwhile, the securities, commodity exchanges and other financial investment activities industry had the largest increase (+$0.8 billion).
For all corporations, federal tax abatement increased to $24.4 billion, from $22.8 billion in 2012. The small business deduction rose to $11.7 billion, from $10.0 billion the year before. Overall, the total value of tax credits used was $60.4 billion, compared with $56.4 billion in 2012.
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