Consolidated corporate income tax; returns of affiliated corporations.

Consolidated corporate income tax returns ofaffiliated corporations. Simplifies the process by which companieselect to switch to consolidated corporate income tax return filingstatus and reduces from 20 to five years the period during which the affiliated group of corporations must have filed on the same basisprior to switching to consolidated return filing status. Currentlaw requires a group of corporations to apply to the Tax Commissionerfor permission to change the basis of the type of return filed andto meet some specific requirements in order for permission to begranted.