Panel supports requiring single-sales-factor apportionment for financial institutions
The administration proposed requiring financial institutions and savings-and-loan businesses to use single-sales-factor apportionment beginning tax year 2025; the LAO recommended approval and DOF estimated a net revenue increase of several hundred million dollars.
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The administration proposed amending California's apportionment rules to require financial institutions and savings-and-loan businesses to use single-sales-factor apportionment beginning in tax year 2025. DOF staff explained that since Prop. 39 (2012) nearly all businesses have been required to use single-sales-factor apportionment, and the proposed change would align financial institutions with other industries and other states.
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