S0238: Corporate Income Tax

The bill

Revising the definition of the term "adjusted federal income" to prohibit specified deductions, limit certain carryovers, and require subtractions of certain dividends paid and received within a unitary combined group to determine subtractions from taxable income; repealing a provision relating to the adjusted federal income of affiliated groups; specifying circumstances under which a corporation is considered a member of a unitary combined group; specifying requirements for, limitations on, and prohibitions in calculating and reporting income in a unitary combined group return, etc.