,,ii  #aaf? ,,congress  #b;d ,session   
,s4 #dghc  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,octob] #a1 #bjbj,mr4  
,m55dez 7= himself & ,mr4 ,wick]7       
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to provide a cr$it
 = economic activity 9 possessions ( !  
,unit$ ,/ates4  #a4 ,%ort title ,?is    
,act may be cit$ z ! ,t]ritory ,economic
 ,developm5t ,tax ,cr$it ,act4  #b4     
,cr$it = economic activity 9 possessions
 ( ! ,unit$ ,/ates  7a7 ,9 g5]al ,subp>t
 ,b ( "p ,,iv ( sub*apt] ,a ( *apt] #a (
 ! ,int]nal ,rev5ue ,code ( #aihf is    
am5d$ by add+ at ! end ! foll[+ new     
section3  #cj;,e4 ,possession economic  
activity cr$it  7a7 ,all[ance ( cr$it   
7#a7 ,9 g5]al ,except z o!rwise provid$ 
9 ?is section1 9 ! case ( a qualifi$    
dome/ic corporation1 !re %all be all[$ z
 a cr$it aga9/ ! tax impos$ by ?is *apt]
 an am\nt equal to ! am\nt det]m9$ "u   
p>agraph 7#b74  7#b7 ,det]m9ation (     

am\nt ,! am\nt det]m9$ "u ?is p>agraph  
is-- 7,a7 9 ! case ( a qualifi$ dome/ic 
corporation describ$ 9 subsection       
7b77#a77;,a71 ! less] (-- 7i7 ! portion 
( ! tax :i* is attributable to ! taxable
 income1 f s\rces )\t ! ,unit$ ,/ates1  
f-- 7,i7 ! active conduct ( a trade or  
bus9ess )9 a possession ( ! ,unit$      
,/ates1 or  7,,ii7 ! sale or ex*ange (  
sub/antially all ( ! assets us$ by !    
taxpay] 9 ! active conduct ( su* trade  
or bus9ess1 or  7ii7 ! wage & asset     
limitation ) respect to su* corporation1
 &  7,b7 9 ! case ( a qualifi$ dome/ic  
corporation describ$ 9 subsection       
7b77#a77;,b71 ! less] (-- 7i7 !         
intangible l[-tax$ income tax am\nt1 or 
7ii7 ! sum ( ! qualifi$ dome/ic         
corporation's pro rata %>e 7det]m9$ 9 a 
mann] simil> to ! mann] provid$ 9       
section #iea;,a7e77#a77 ( ! wage & asset
 limitations ) respect to ea* =eign     
qualifi$ corporation ( :i* su* qualifi$ 
dome/ic corporation is a ,unit$ ,/ates  
%>ehold]4  7b7 ,qualifi$ dome/ic        

corporation2 qualifi$ corporation ,=    
purposes ( ?is section-- 7#a7 ,9 g5]al  
,! t]m qualifi$ dome/ic corporation     
means any dome/ic corporation :i* is--  
7,a7 a qualifi$ corporation1 or  7,b7 a 
,unit$ ,/ates %>ehold] ( a =eign        
corporation :i*-- 7i7 is a qualifi$     
corporation1 &  7ii7 is :olly own$ by   
corporations :i* are memb]s ( ! same    
affiliat$ gr\p z su* ,unit$ ,/ates      
%>ehold]4  7#b7 ,qualifi$ corporation ,!
 t]m qualifi$ corporation means any     
corporation if su* corporation meets !  
foll[+ requirem5ts3 7,a7 ,s\rce         
qualification #hj p]c5t or m ( ! gross  
income ( ! corporation = ! #c-ye> p]iod 
imm$iately prec$+ ! close ( ! taxable   
ye> 7or = su* "p ( su* p]iod imm$iately 
prec$+ ! close ( su* taxable ye> z may  
be applicable7 0 d]iv$ f s\rces )9 a    
possession ( ! ,unit$ ,/ates 7det]m9$   
)\t reg>d to section #ijd7;f774  7,b7   
,trade or bus9ess qualification #ge     
p]c5t or m ( ! gross income ( !         
corporation = su* p]iod or su* "p !re( 0

 d]iv$ f ! active conduct ( a trade or  
bus9ess )9 a possession ( ! ,unit$      
,/ates4  7#c7 ,special rule = sep>ate & 
cle>ly id5tifi$ units ( =eign           
corporations  7,a7 ,9 g5]al ,9 ! case ( 
a ,unit$ ,/ates %>ehold] ( a =eign      
corporation :i*-- 7i7 is n a qualifi$   
corporation b ) respect to :i* ! own]%ip
 requirem5ts ( p>agraph 7#a77;,b77ii7   
are met1 &  7ii7 has an eligible =eign  
bus9ess unit :i*1 if su* unit 7 a       
corporation1 w\ld be a qualifi$         
corporation ) respect to :i* su* own]%ip
 requirem5ts w\ld be met1  !n1 =        
purposes ( ?is section1 ! ,unit$ ,/ates 
%>ehold] may elect to treat su* unit z a
 sep>ate =eign corporation :i* meets !  
requirem5ts ( p>agraph 7#a77;,b7 & )    
respect to :i* su* %>ehold] is a ,unit$ 
,/ates %>ehold]4  7,b7 ,eligible =eign  
bus9ess unit ,= purposes ( ?is p>agraph1
 ! t]m eligible =eign bus9ess unit means
 a sep>ate & cle>ly id5tifi$ =eign unit 
( a trade or bus9ess1 includ+ a p>tn]%ip
 or an entity treat$ z disreg>d$ z a    

sep>ate entity f its own] 7"u section   
#ggja or o!r provision "u ?is title71   
:i* ma9ta9s sep>ate books & records4    
7,c7 ,special election = affiliat$ gr\ps
 ,9 ! case ( an affiliat$ gr\p describ$ 
9 p>agraph 7#a77;,b77ii71 ! election "u 
subp>agraph 7,a7 ) respect to any       
eligible =eign bus9ess unit %all be made
 by ! common p>5t ( su* gr\p & %all     
apply uni=mly to all memb]s ( su* gr\p  
:i* are ,unit$ ,/ates %>ehold]s )       
respect to ! =eign corporation :i* has  
su* unit4  7c7 ,wage & asset limitation 
7#a7 ,9 g5]al ,! wage & asset limitation
 ) respect to any qualifi$ corporation =
 any taxable ye> is an am\nt equal to ! 
sum ( ! foll[+ am\nts3 7,a7 #dj p]c5t ( 
! sum (-- 7i7 ! aggregate am\nt ( !     
qualifi$ corporation's qualifi$         
possession wages = su* taxable ye>1 plus
  7ii7 ! allocable employee fr+e b5efit 
exp5ses ( ! qualifi$ corporation = su*  
taxable ye>4  7,b7 #be p]c5t ( !        
depreciation all[ances = ! taxable ye> )
 respect to qualifi$ tangible prop]ty4  

7,c7 ,9 ! case ( a qualifi$ dome/ic     
corporation describ$ 9 subsection       
7b77#a77;,a71 ! am\nt ( ! possession    
income taxes = ! taxable ye>            
attributable to income describ$ 9       
subsection 7a77#b77;,a77i74  7#b7       
,qualifi$ possession wages ,= purposes (
 ?is section-- 7,a7 ,9 g5]al ,! t]m     
qualifi$ possession wages means wages   
paid or incurr$ by ! qualifi$           
corporation dur+ ! taxable ye> 9        
connection ) ! active conduct ( a trade 
or bus9ess )9 a possession ( ! ,unit$   
,/ates to any employee = s]vices p]=m$ 9
 su* possession1 b only if su* s]vices  
are p]=m$ :ile ! pr9cipal place (       
employm5t ( su* employee is )9 su*      
possession4  7,b7 ,limitation on am\nt (
 wages tak5 into acc\nt  7i7 ,9 g5]al ,!
 am\nt ( wages :i* may be tak5 into     
acc\nt "u subp>agraph 7,a7 ) respect to 
any employee = any taxable ye> %all n   
exce$ ! contribution & b5efit base      
det]m9$ "u section #bcj ( ! ,social     
,security ,act = ! cal5d> ye> 9 :i* su* 

taxable ye> beg9s4  7ii7 ,treatm5t (    
"p-"t employees1 etc ,if-- 7,i7 any     
employee is n employ$ by ! qualifi$     
corporation on a sub/antially full-"t   
basis at all times dur+ ! taxable ye>1  
or  7,,ii7 ! pr9cipal place ( employm5t 
( any employee ) ! qualifi$ corporation 
is n )9 a possession at all times dur+ !
 taxable ye>1  ! limitation applicable  
"u clause 7i7 ) respect to su* employee 
%all be ! appropriate portion 7z det]m9$
 by ! ,secret>y7 ( ! limitation :i* w\ld
 o!rwise be 9 effect "u clause 7i74     
7,c7 ,treatm5t ( c]ta9 employees ,! t]m 
qualifi$ possession wages %all n include
 any wages paid to employees :o are     
assign$ by ! employ] to p]=m s]vices =  
ano!r p]son1 unless ! pr9cipal trade or 
bus9ess ( ! employ] is to make employees
 available = tempor>y p]iods to o!r     
p]sons 9 return = comp5sation4 ,all     
qualifi$ corporations treat$ z #a       
corporation "u subsection 7f77#a7 %all  
be treat$ z #a employ] = purposes ( !   
prec$+ s5t5ce4  7,d7 ,wages  7i7 ,9     

g5]al ,except z provid$ 9 clause 7ii71 !
 t]m wages has ! mean+ giv5 to su* t]m  
by subsection 7b7 ( section #ccjf       
7det]m9$ )\t reg>d to any doll>         
limitation conta9$ 9 su* section74 ,=   
purposes ( ! prec$+ s5t5ce1 su*         
subsection 7b7 %all be appli$ z if ! t]m
 ,unit$ ,/ates includ$ all possessions (
 ! ,unit$ ,/ates4  7ii7 ,special rule = 
agricultural labor & railway labor ,9   
any case to :i* subp>agraph 7,a7 or 7,b7
 ( p>agraph 7#a7 ( section #ea7;h7      
applies1 ! t]m wages has ! mean+ giv5 to
 su* t]m by section #ea7;h77#b74  7#c7  
,allocable employee fr+e b5efit exp5ses 
7,a7 ,9 g5]al ,! allocable employee fr+e
 b5efit exp5ses ( any qualifi$          
corporation = any taxable ye> is an     
am\nt :i* be>s ! same ratio to ! am\nt  
det]m9$ "u subp>agraph 7,b7 = su*       
taxable ye> z-- 7i7 ! aggregate am\nt ( 
! qualifi$ corporation's qualifi$       
possession wages = su* taxable ye>1 be>s
 to  7ii7 ! aggregate am\nt ( ! wages   
paid or incurr$ by su* qualifi$         

corporation dur+ su* taxable ye>4  ,9 no
 ev5t %all ! am\nt det]m9$ "u ! prec$+  
s5t5ce exce$ #ae p]c5t ( ! am\nt ref]r$ 
to 9 clause 7i74  7,b7 ,exp5ses tak5    
into acc\nt ,= purposes ( subp>agraph   
7,a71 ! am\nt det]m9$ "u ?is subp>agraph
 = any taxable ye> is ! aggregate am\nt 
all[able 7or1 9 ! case ( a =eign        
corporation1 :i* w\ld be all[able if su*
 =eign corporation 7 a dome/ic          
corporation7 z a d$uction "u ?is *apt]  
to ! qualifi$ corporation = su* taxable 
ye> ) respect to-- 7i7 employ]          
contributions "u a /ock bonus1 p5sion1  
pr(it-%>+1 or annuity plan1  7ii7       
employ]-provid$ cov]age "u any accid5t  
or heal? plan = employees1 &  7iii7 !   
co/ ( life or disability insurance      
provid$ to employees4  ,any am\nt treat$
 z wages "u p>agraph 7#b77;,d7 %all n be
 tak5 into acc\nt "u ?is subp>agraph4   
7#d7 ,depreciation rules ,= purposes (  
?is section-- 7,a7 ,depreciation        
all[ances ,! t]m depreciation all[ances 
means ! depreciation d$uctions all[able 

7or1 9 ! case ( a =eign corporation1 :i*
 w\ld be all[able if su* =eign          
corporation 7 a dome/ic corporation7 "u 
section #afg to ! qualifi$ corporation4 
7,b7 ,qualifi$ tangible prop]ty ,! t]m  
qualifi$ tangible prop]ty means any     
tangible prop]ty-- 7i7 :i* is us$ by !  
qualifi$ corporation 9 a possession ( ! 
,unit$ ,/ates 9 ! active conduct ( a    
trade or bus9ess )9 su* possession1     
7ii7 to :i* section #afh applies1 &     
7iii7 :i* is n #c-ye> prop]ty = purposes
 ( su* section4  7d7 ,intangible        
l[-,tax$ income tax am\nt ,= purposes ( 
?is section-- 7#a7 ,9 g5]al ,!          
intangible l[-tax$ income tax am\nt is  
an am\nt equal to ! less] (-- 7,a7 !    
eligible possession intangible l[-tax   
income tax am\nt1 or  7,b7 ! global     
intangible l[-tax$ income tax am\nt4    
7#b7 ,eligible possession intangible    
l[-tax$ income tax am\nt  7,a7 ,9 g5]al 
,! eligible possession intangible       
l[-tax$ income tax am\nt is an am\nt    
equal to ! excess (-- 7i7 ! product (-- 

7,i7 ! rate 9 effect "u section #aa = ! 
taxable ye>1 &  7,,ii7 ! sum ( !        
possession intangible l[-tax$ income    
am\nt = su* taxable ye> & ! am\nt :i*   
w\ld be treat$ z a divid5d "u section   
#gh if only am\nts attributable to su*  
possession intangible l[-tax income     
am\nt 7 tak5 into acc\nt "u su* section 
= su* taxable ye>1 r$uc$ by ! possession
 ,,ilti d$uction = su* taxable ye>1 ov] 
7ii7 an am\nt equal to ! am\nt describ$ 
9 section #ifj7;d71 det]m9$-- 7,i7 by   
sub/itut+ possession intangible l[-tax$ 
income am\nt 7z def9$ 9 section         
#cj;,e7d77#b77;,b77 = global intangible 
l[-tax$ income 7z def9$ 9 section       
#iea;,a7b77 9 p>agraph 7#b77;,a7 !re(1 &
  7,,ii7 by only tak+ into acc\nt income
 f ! active conduct ( a trade or bus9ess
 & f s\rces 7det]m9$ "u rules simil> to 
! rules ( "p ,i ( *apt] ,n7 )9          
possessions ( ! ,unit$ ,/ates = purposes
 ( det]m9+ ! am\nts "u p>agraphs        
7#b77;,b7 & 7#c7 !re(4  7,b7 ,possession
 intangible l[-tax$ income am\nt ,!     

possession intangible l[-tax$ income    
am\nt is equal to ! am\nt ( global      
intangible l[-tax$ income 7z def9$ 9    
section #iea;,a7b77 = ! taxable ye>1    
det]m9$-- 7i7 by only tak+ into acc\nt  
income f ! active conduct ( a trade or  
bus9ess & f s\rces 7det]m9$ "u rules    
simil> to ! rules ( "p ,i ( *apt] ,n7 )9
 possessions ( ! ,unit$ ,/ates =        
purposes ( det]m9+ ! te/$ income & te/$ 
loss1 &  7ii7 = purposes ( det]m9+ !    
qualifi$ bus9ess asset inve/m5t1 by only
 tak+ into acc\nt specifi$ tangible     
prop]ty :i* is pr$om9antly us$-- 7,i7 9 
! production ( income describ$ 9 clause 
7i71 &  7,,ii7 9 possessions ( ! ,unit$ 
,/ates4  7,c7 ,possession ,,ilti        
d$uction ,! possession ,,ilti d$uction  
is #ej p]c5t 7#cg4e p]c5t 9 ! case (    
taxable ye>s beg9n+ aft] ,decemb] #ca1  
#bjbe7 (-- 7i7 ! possession intangible  
l[-tax$ income am\nt 7if any7 = su*     
taxable ye>1 &  7ii7 ! am\nt :i* w\ld be
 treat$ z a divid5d "u section #gh if   
only am\nts attributable to ! am\nt     

describ$ 9 clause 7i7 7 tak5 into       
acc\nt4  ,rules simil> to ! rules (     
section #bej7;a77#b7 7appli$ by         
sub/itut+ possession intangible l[-tax$ 
income am\nt 7z def9$ 9 section         
#cj;,e7d77#b77;,b77 = global intangible 
l[-tax$ income am\nt 9 subsection       
7a77#a77;,b77i7 = purposes ( det]m9+ !  
am\nt describ$ & tak5 into acc\nt !re97 
%all apply = purposes ( ?is subp>agraph4
  7#c7 ,global intangible l[-tax$ income
 tax am\nt ,= purposes ( ?is subsection1
 ! global intangible l[-tax$ income tax 
am\nt is an am\nt equal to ! excess (-- 
7,a7 ! product (-- 7i7 ! rate 9 effect  
"u section #aa = ! taxable ye>1 &  7ii7 
! sum ( global intangible l[-tax$ income
 am\nt det]m9$ "u section #iea;,a7b7 =  
su* taxable ye> & ! am\nt :i* w\ld be   
treat$ z a divid5d "u section #gh if    
only am\nts attributable to su* global  
intangible l[-tax$ income am\nt 7 tak5  
into acc\nt "u su* section = su* taxable
 ye>1 r$uc$ by an am\nt equal to ! am\nt
 det]m9$ "u section #bej7;a77#a77;,b71  

ov]  7,b7 an am\nt equal to ! am\nt     
describ$ 9 section #ifj7;d7 7det]m9$    
aft] ! application ( section #ijd74  7e7
 ,possession ,! t]m possession ( !      
,unit$ ,/ates includes ! ,commonweal? ( 
,pu]to ,rico & ! ,virg9 ,isl&s4  7f7    
,cr$it n all[$ aga9/ c]ta9 taxes ,!     
cr$it provid$ by subsection 7a7 %all n  
be all[$ aga9/ ! tax impos$ by-- 7#a7   
section #eca 7relat+ to ! tax on        
accumulat$ e>n+s71  7#b7 section #eda   
7relat+ to p]sonal hold+ company tax71  
or  7#c7 section #acea 7relat+ to       
recov]ies ( =eign expropriation losses74
  7g7 ,o!r rules  7#a7 ,d5ial ( ,d\ble  
,b5efit  7,a7 ,bran*es ,9 ! case ( a    
qualifi$ dome/ic corporation describ$ 9 
subsection 7b77#a77;,a7-- 7i7 no cr$it  
or d$uction %all be all[$ "u ?is *apt]  
=-- 7,i7 ! portion ( ! wages or sal>ies 
paid or incurr$ = ! taxable ye> :i* is  
equal to ! am\nt ( wages tak5 into      
acc\nt 9 det]m9+ ! wage & asset         
limitation "u subsection 7c77#a77;,a71  
7,,ii7 ! portion ( employee fr+e b5efit 

exp5ses = ! taxable ye> :i* is equal to 
! am\nt ( su* exp5ses tak5 into acc\nt 9
 det]m9+ ! wage & asset limitation "u   
subsection 7c77#a77;,a71 &  7,,iii7 !   
portion ( depreciation all[ances = !    
taxable ye> :i* is equal to ! am\nt (   
su* all[ances tak5 into acc\nt "u       
subsection 7c77#a77;,b71 &  7ii7 any tax
 ( a =eign c\ntry or a possession ( !   
,unit$ ,/ates :i* is paid or accru$ )   
respect to taxable income :i* is tak5   
into acc\nt 9 comput+ ! cr$it "u        
subsection 7a77#b77;,a7 %all n be treat$
 z income1 w> pr(its1 or excess pr(its  
taxes paid or accru$ to a =eign c\ntry  
or possession ( ! ,unit$ ,/ates1 & no   
d$uction %all be all[$ "u ?is title )   
respect to any am\nts s paid or accru$4 
7,b7 ,controll$ =eign corporations ,9 ! 
case ( a qualifi$ dome/ic corporation   
describ$ 9 subsection 7b77#a77;,b71 =   
purposes ( det]m9+ te/$ income or te/$  
loss "u section #iea;,a-- 7i7 !         
d$uctions describ$ 9 section            
#iea;,a7c77#b77;,a77ii7 attributable to 

wages %all be r$uc$ by ! am\nts describ$
 9 subp>agraph 7,a77i77,i71  7ii7 !     
d$uctions describ$ 9 section            
#iea;,a7c77#b77;,a77ii7 attributable to 
employee fr+e b5efit exp5ses %all be    
r$uc$ by ! am\nts describ$ 9 subp>agraph
 7,a77i77,,ii71 &  7iii7 ! d$uctions    
describ$ 9 section                      
#iea;,a7c77#b77;,a77ii7 attributable to 
depreciation all[ances %all be r$uc$ by 
! am\nts describ$ 9 subp>agraph         
7,a77i77,,iii74  7#b7 ,c>ryov] ( c]ta9  
unus$ limitation  7,a7 ,bran*es  7i7 ,9 
g5]al ,9 ! case ( a qualifi$ dome/ic    
corporation describ$ 9 subsection       
7b77#a77;,a71 if ! wage & asset         
limitation ) respect to su* corporation 
exce$s ! am\nt describ$ 9 subsection    
7a77#b77;,a77i71 !n su* excess %all be a
 c>ryov] to ! fir/ prec$+ taxable ye> & 
to any ( ! fir/ #aj succe$+ taxable     
ye>s1 9 t ord]1 &1 subject to !         
limitations ( clause 7ii71 %all be add$ 
to ! wage & asset limitation = ! taxable
 ye> to :i* x is c>ri$4  7ii7           

,limitation ,! unus$ am\nt :i* may be   
tak5 into acc\nt "u clause 7i7 = any    
taxable ye> %all n exce$ ! am\nt 7if    
any7 by :i* ! am\nt describ$ 9          
subsection 7a77#b77;,a77i7 = su* taxable
 ye> exce$s ! sum (-- 7,i7 ! wage &     
asset limitation ) respect to su*       
corporation = su* taxable ye> det]m9$   
)\t reg>d to ?is p>agraph1 &  7,,ii7 !  
am\nts :i*1 by reason ( ?is p>agraph1   
are c>ri$ to su* taxable ye> & are      
attributable to taxable ye>s be=e !     
unus$ am\nt4  7,b7 ,controll$ =eign     
corporations  7i7 ,9 g5]al ,9 ! case ( a
 qualifi$ dome/ic corporation describ$ 9
 subsection 7b77#a77;,b71 if ! am\nt    
describ$ 9 subsection 7a77#b77;,b77ii7 =
 any taxable ye> exce$s ! intangible    
l[-tax$ income tax am\nt1 !n su* excess 
%all be a c>ryov] to ! fir/ prec$+      
taxable ye> & to any ( ! fir/ #aj       
succe$+ taxable ye>s1 9 t ord]1 &1      
subject to ! limitations ( clause 7ii71 
%all be add$ to ! am\nt describ$ 9      
subsection 7a77#b77;,b77ii7 = ! taxable 

ye> to :i* x is c>ri$4  7ii7 ,limitation
 ,! unus$ am\nt :i* may be tak5 into    
acc\nt "u clause 7i7 = any taxable ye>  
%all n exce$ ! am\nt 7if any7 by :i* !  
intangible l[-tax$ income tax am\nt =   
su* taxable ye> exce$s ! sum (-- 7,i7 ! 
am\nt describ$ 9 subsection             
7a77#b77;,b77ii7 = su* taxable ye>      
det]m9$ )\t reg>d to ?is p>agraph1 &    
7,,ii7 ! am\nts :i*1 by reason ( ?is    
p>agraph1 are c>ri$ to su* taxable ye> &
 are attributable to taxable ye>s be=e !
 unus$ am\nt4  7#c7 ,sep>ate application
 to ea* possession ,= purposes ( det]m9+
 ! am\nt ( ! cr$it all[$ "u ?is section1
 ?is section %all be appli$ sep>ately ) 
respect to ea* possession4  4  7b7      
,con=m+ am5dm5ts  7#a7 ,section #ijd7;b7
 ( ! ,int]nal ,rev5ue ,code ( #aihf is  
am5d$ by r$esignat+ p>agraph 7#d7 z     
p>agraph 7#e7 & by ins]t+ aft] p>agraph 
7#c7 ! foll[+ new p>agraph3  7#d7       
,coord9ation ) section #cj;,e ,=        
purposes ( subsection 7a71 9 ! case ( a 
qualifi$ dome/ic corporation describ$ 9 

section #cj;,e7b77#a77;,a71 ! taxable   
income %all n include any portion !re(  
tak5 into acc\nt = purposes ( ! cr$it   
7if any7 all[$ by section #cj;,e 7)\t   
reg>d to subsection 7c7 !re(74  4  7#b7 
,section #ijd7;f77#a7 ( su* ,code is    
am5d$ by ins]t+ & section #cj;,e aft] ,=
 purposes ( ?is subp>t4  7#c7 ,section  
#ijd7;g77#a7 ( su* ,code is am5d$ by    
/rik+ section #icf & ins]t+ section     
#cj;,e4  7#d7 ,! table ( sections =     
subp>t ,b ( "p ,,iv ( sub*apt] ,a (     
*apt] #a ( su* ,code is am5d$ by add+ at
 ! end ! foll[+3  ,sec4 #cj;,e4         
,possession economic activity cr$it4  4 
7c7 ,treatm5t ( cr$it "u ,,beat ,section
 #ei;,a7b77#a77;,b77ii7 ( ! ,int]nal    
,rev5ue ,code ( #aihf is am5d$ by       
r$esignat+ subclause 7,,ii7 z subclause 
7,,iii7 & by ins]t+ aft] subclause 7,i7 
! foll[+ new subclause3  7,,ii7 ! cr$it 
all[$ "u section #cj;,e1 plus  4  7d7   
,effective date ,! am5dm5ts made by ?is 
section %all apply to taxable ye>s      
beg9n+ aft] ! date ( ! enactm5t ( ?is   

,act4