Separate State and Local Tax

Separate State and Local Tax. For a Taxable Period shall mean, with respect to each Subsidiary, the aggregate state and local income tax, computed in a manner consistent with the computation of the Separate Federal Tax, as defined above, that the Subsidiary would have incurred with respect to each relevant state and local taxing jurisdiction, for any Taxable Period for which the Subsidiary participates with Parent or any Subsidiary of Parent (other than the Subsidiary) in the filing of a combined state or local income tax... return with such jurisdiction, if the Subsidiary had filed with such jurisdiction a separate return. View More