Prohibition against double deductions and/or exclusions

# (a)

A company, in arriving at its net income as defined in section 12-213 of the general statutes, shall not exclude or deduct, or exclude and deduct, any item, directly or indirectly, more than once.

# (b)

A life insurance company, in arriving at its net income as defined in section 12-213 of the general statutes, shall not exclude or deduct, or exclude and deduct, more than the life insurance company's share of any item of income, the taxation of which by the state of Connecticut is prohibited by the laws or constitution of the United States, as applied, or by the laws or constitution of the state of Connecticut, as applied.

# (c)

This section shall be applicable to amended returns, as defined in subsection

(b) of section 12-225 of the general statutes, irrespective of when such returns were filed, in connection with which a claim for refund is granted or denied or an Office of Policy and Management/Department of Revenue Services

adjustment to net income is allowed, in whole or in part, on or after March 8, 1995 (the effective date of Public Act 95-2).