Interstate Taxation Act

[AI summary unavailable — showing source text] Interstate Taxation Act - Title I: Jurisdiction to Tax - Establishes uniform standards for the taxation by States of interstate business enterprises. Prohibits a State or its political subdivision from: (1) imposing a net income tax or capital stock tax on a corporation unless such corporation has a business location in the State; (2) requiring an individual to collect a sales or use tax unless such individual has a business location or regularly makes household deliveries in the State; or (3) imposing a gross receipts tax on the sale of tangible personal property unless the seller has a business location in the State. Title II: Maximum Percentage of Income or Capital Attributable to Taxing Jurisdiction - Prohibits a State or its political subdivisions from imposing upon a corporation (other than an excluded corporation) with a business location in more than one State a net income tax which is greater than that amount calculated under a specified two-factor property, payroll apportionment formula. Defines the property factor as a fraction, the numerator of which is the average value of the corporation's property in a State and the denominator being the average value of all the corp…