Currently, the sum of the separately and nonseparately computed income and deduction items of an affected business entity must be decreased by the percentage deduction that would be allowable to certain business owners that receive certain deductions for business income. This bill provides that the sum of the separately and nonseparately computed income and deduction items of an affected business entity must be 20% of the affected business entity's ordinary business income as reported on the partnership's Federal Form 1065 or on the S corporation's Federal Form 1120-S. Currently, any member of an affected business entity may elect not have a certain tax imposed as it relates to the affected business entity's separately and nonseparately computed items. The bill provides that a member who has filed an opt-out election must be ineligible for certain tax credits or deductions described in the bill.