State Taxation of Multistate Taxpayers Act

[AI summary unavailable — showing source text] State Taxation of Multistate Taxpayers Act - Title I: General Provisions - Sets forth the definition of terms used in this Act. States that no State or political subdivision thereof may: (1) impose a net income tax or a capital stock tax on any corporation unless such corporation maintains a business location therein during a substantial portion of the taxable year; (2) impose a gross receipts tax with respect to any sale of tangible personal property unless the seller of such property maintains a business location therein: (3) require any person to collect and remit a sales or use tax with respect to an interstate sale of tangible personal property under specified circumstances; or (4) require any seller without a business location therein to collect or pay a sales or use tax when such seller has obtained in writing the buyer's registration number in accordance with this Act. States that an advance payment of a sales or use tax to a seller, as agent for a State, made by a purchaser of tangible personal property for resale shall not constitute a sales or use tax for purpose of this Act if credit for the advance payment is allowed in determining sales tax liability of the purchaser …