A bill to limit the authority of States and their subdivisions to impose taxes with respect to income on residents of other States.

Prohibits a State or its political subdivisions from (1) imposing on a nonresident an income tax which exceeds 50 percent of the income tax chargeable to a resident, or (2) imposing a tax on the income of a resident who earns income in another State, except to the extent that such tax exceeds the tax assessed by the State in which the income was earned.