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of <h1>Tax Treaty Credits: Preventing Double Taxation by Allowing Foreign Tax Deductions and Proportional Credit Calculations</h1> The statutory provision outlines the credit method for eliminating double taxation under a bilateral tax treaty. It allows a resident state to provide tax credits for income or capital taxes paid in the other contracting state, with deductions limited to the proportional tax attributable to that income or capital. The provision permits the home state to consider exempted income when calculating taxes on remaining income, ensuring comprehensive tax treatment across jurisdictions.
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