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Senate subcommittee backs shifting financial institutions to single‑sales apportionment; change estimated to raise state revenue
Summary
The subcommittee voted to require multi‑state financial institutions and savings & loan businesses to use single‑sales apportionment starting tax year 2025, aligning them with most other businesses in California and generating an administration‑estimated revenue boost.
The Senate Budget and Fiscal Review Subcommittee No. 4 voted to approve a budget proposal from the Department of Finance to require multi‑state financial institutions and savings and loan businesses to use single‑sales‑factor apportionment for California tax purposes beginning in tax year 2025.
What the change does - Single‑sales apportionment allocates a multistate firm’s taxable income to California based on the ratio of sales in…
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