The bill seems to me, and I have not had a very careful reading of it, but it looks like a tax exemption for big business and it looks to me like it will assuredly create additional nowhere income for income tax purposes for corporations that are doing business in most of the States.

In fact, the Congressional Research Service found, in its report on the issue of a physical presence nexus standard, that in many instances corporations could in fact produce large quantities of nowhere income, meaning that it is not taxed anywhere.

A number of states use throwback rules to eliminate the nowhere income that arises because of P.L. 86-272.

Nowhere income

Meaning

Noun