state and local income tax
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在其有利润经营的第三(3)至五(5)年期间，合资公司应有权获得国家和地方所得税百分之五十(50%)的减免。
During its third (3rd) -fifth (5th) year profit-making period, the Joint Venture Company shall be entitled to a fifty percent (50%) exemption from the state and local income taxes.
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