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Section 2: Corporate income taxes in 2008
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Taxes payable by the non-financial industries were up $0.7 billion or 1.7% to $42.5 billion. Taxes payable by enterprises engaged in oil and gas extraction increased by $0.8 billion, while taxes for motor vehicle manufacturers were down $0.6 billion.
Corporate taxes payable by the finance and insurance industries fell $2.0 billion or 17.2% to $9.6 billion. Taxes payable by the banking and other depository credit intermediation industries accounted for about half the decline.
The federal tax abatement totalled $17.8 billion in 2008, an increase of 4.1%. The small business deduction rose to $8.0 billion from $7.0 billion in 2007. The manufacturing and processing profits deduction amounted to $1.5 billion, up from the $1.3 billion claimed the previous year. Investment tax credits totalled $1.7 billion in 2008, compared to the $1.9 billion claimed in 2007.
