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S08991 Summary:

BILL NOS08991A
 
SAME ASNo Same As
 
SPONSORFLANAGAN
 
COSPNSR
 
MLTSPNSR
 
Amd 208 & 1503, Tax L; amd 11-652, NYC Ad Cd
 
Relates to the definitions of the terms "CFC income" and "entire net income"; provides that exempt CFC income shall include income required to be included in a taxpayer's federal gross income pursuant to subsection (a) of section 951A of the internal revenue code; excludes the amount of any federal deduction allowed pursuant to section 250(a)(1)(B)(i) of the IRC from being included in the calculation of entire net income.
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