Electronic excited states, electronic absorption, and magnetic circular dichroism (MCD) spectra of free-base tetraazaporphyrin (TAP), phthalocyanine (Pc), naphthalocyanine (Nc), and anthracocyanine (Ac) were studied by quantum chemical calculations using the symmetry-adapted cluster-configuration interaction (SAC-CI) method. Not only optically allowed states including the Q- and B-bands but also optically forbidden states were calculated for transitions whose excitation energies were lower than 4.5 eV. The present SAC-CI calculations consistently assigned the absorption and MCD peaks as optically allowed π→π(∗) excitations, although these calculations using double-zeta basis limit quantitative agreement and discussion. For Nc and Ac, excited states beyond the four-orbital model appeared in the low-energy region. The low-energy shifts of the Q-bands with the extension of molecular size were explained by the orbital energies. The splitting of the Q-bands decreases with extension of the molecular size. This feature was reproduced by the SAC-CI calculations but the configuration interaction with single excitations and time-dependent density functional theory calculations failed to reproduce this trend. Electron correlation in the excited states is important in reproducing this splitting of the Q-bands and in describing the energy difference between the B(2u) and B(3u) states of free-base porphyrins.