A bill to amend the Internal Revenue Code to regulate and prevent multiple taxation of certain kinds of income.

Provides, under the Internal Revenue Code, that no State or political subdivision shall have the power to impose for any taxable year ending after the date of the enactment of this Act an income tax on the income or to establish the rate of taxation on the income of any individual: (1) which was earned or derived during any period while the individual was not domiciled in the State except to the extent the income was earned from sources within the State; or (2) which was earned or derived from sources without the State during any period while the individual was domiciled in the State except to the extent the tax exceeds any income tax paid on such income to the State in which the income was earned or derived.