Modifies eligibility for alternative business calculation adjustment under gross income tax.

This bill modifies the eligibility for the alternative business calculation adjustment under the gross income tax. It imposes income limits on taxpayers who can benefit from this adjustment. Specifically, taxpayers with gross income up to $500,000 can deduct 50% of their business increment from taxable income. For those with gross income between $500,000 and $1 million, the deduction is 25%. Taxpayers with gross income over $1 million are ineligible for the deduction. The bill also allows taxpayers to carry forward alternative business losses for up to 20 years.

Modifies eligibility for alternative business calculation adjustment under gross income tax.

This bill modifies the eligibility for the alternative business calculation adjustment under the gross income tax. It imposes income limits on taxpayers who can benefit from this adjustment. Specifically, taxpayers with gross income up to $500,000 can deduct 50% of their business increment from taxable income. For those with gross income between $500,000 and $1 million, the deduction is 25%. Taxpayers with gross income over $1 million are ineligible for the deduction. The bill also allows taxpayers to carry forward alternative business losses for up to 20 years.