The term qualified member of a professional athletic team means a member of a professional athletic team who meets all of the following conditions:

(ii) the member must not have maintained a permanent place of abode in New York State at any time during the taxable year;

(iii) if such member or such member's spouse received compensation which is considered to be New York State source income, pursuant to section 132.22 of this Title, from more than one professional athletic team during the taxable year, such member or spouse is included on a group return for each team. In no event shall a member or a member's spouse be allowed to file on a group basis for the same taxable year in which a New York State individual income tax return is filed for such member or member's spouse;

(iv) the member and member's spouse must:

(a) have no income derived from or connected with New York State sources for the entire taxable year other than compensation received for services rendered as a member of a professional athletic team (as determined pursuant to section 132.22 of this Title). However, nonresident members with New York source income from sources other than a professional athletic team may be eligible to file on a group return under the provisions of section 151.21 of this Part;

(b) not be subject to the minimum income tax (see section 602 of the Tax Law); or

(c) not be subject to the separate tax on the ordinary income portion of a lump sum distribution (see section 603 of the Tax Law); and

(v) the member of a professional athletic team must waive the right to claim:

(a) the New York standard or itemized deduction;

(b) dependent exemptions;

(c) any credits against New York State personal income tax; and

(d) the exclusion against the total of wages for purposes of the City of New York or City of Yonkers Nonresident Earnings Taxes.