There shall not be included in a taxpayer’s net income dividends received from the shares of stock of: (1) Any corporation if over fifty percent (50%) of the corporation’s value was apportioned to this state in determining the tax last imposed on it by chapter 11 of this title; (2) Any utility if over fifty percent (50%) of the utility’s gross earnings was apportioned to this state in determining the tax last imposed on it by chapter 13 of this title; (3) Any banking institution liable to a tax under this chapter; and (4) Any corporation specified in § 44-11-1(4)(i).
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