The Multistate Tax Commission’s Financial Institutions Working Group held its monthly meeting on April 23, 2013 to discuss a proposed apportionment formula for financial institutions. For additional details about the meeting, read our legal alert, “Hate the Sin, Love the Sinner: MTC’s Financial Institution Apportionment Effort.”
Multistate Tax Compact
Don’t Mess with Texas: No Three-Factor MTC Election for You!
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In two decisions by the Texas Office of Administrative Hearings, the Comptroller affirmed its position that the evenly weighted three-factor apportionment formula contained in an election provided by the Multistate Tax Compact (MTC Election) does not apply to the Texas Margins Tax. See Tex. Compt. Dec. No. 106,503 (Aug. 10, 2012); Tex. Compt. Dec. No.
A Close Shave: California Court of Appeal Rules on Multistate Compact Election
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As we previously noted, on October 2, 2012, the California Court of Appeal issued an opinion on rehearing in The Gillette Company et al. v. Franchise Tax Board, reversing in full the trial court’s decision in favor of the Franchise Tax Board (FTB). 207 Cal.App.4th 1369 (Op. on Rehearing, Oct. 2, 2012). Read…
California Court of Appeal Reissues Opinion in Gillette Litigation
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The three-judge panel of the California Court of Appeal has reissued its opinion in The Gillette Company et al. v. Franchise Tax Board, finding on the same grounds as in the court’s initial opinion that California was bound by the UDITPA election in the Multistate Tax Compact. 207 Cal.App.4th 1369 (Op. on Rehearing, Oct.
California Bound by Multistate Tax Compact, Says California Court of Appeal
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The California Court of Appeal issued its decision today in Gillette Company v. Franchise Tax Board, No. A130803, confirming that the Multistate Tax Compact is an enforceable multistate compact and that its apportionment election provision is binding on California until the state withdraws from the Compact by enacting a repealing statute. In fact, the…
A Pinch of SALT: To Be or Not to Be…the MTC
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Many interstate taxpayers are frustrated with how the Multistate Tax Commission conducts its audit program. In our latest A Pinch of SALT column, Sutherland SALT attorneys Steve Kranz, Diann Smith and Michael Colavito examine the Multistate Tax Compact as it relates to current state tax law and explore the possible implications of how the Commission conducts its
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