SB 5276 - DIGEST

     Provides that gross income shall not mean amounts proceeding or accruing:  (1) Under a written cost-sharing agreement for allocable reimbursement of administrative services incurred on behalf of a foreign affiliate that engages in a travel service business; and

     (2) by a person that engages a travel service business and also holds a passenger vessel surety bond in compliance with Subpart A of Part 540 of Title 48, Code of Federal Regulations.