Allows exclusion of certain small business income from taxation under gross income tax and corporation business tax.

Summary

The legislation amends the definition of key tax terms so that certain small‑business corporations can exclude a portion of their earnings from the state gross income tax and corporation business tax. It applies to corporations, joint‑stock companies, investment companies and other entities defined in the bill, and it sets out how net worth and allocation factors are calculated for the exclusion. The change is intended to reduce the tax burden on smaller enterprises.

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