Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Experts disagree on administrability and international backlash of ending water's edge election
Summary
Academic witnesses argued recent federal and international reforms reduce compliance friction and can make worldwide combined reporting practicable; business and tax practitioners warned of double taxation, data gaps, compliance costs and litigation, especially for foreign‑parented firms.
A recurring theme at the hearing was disagreement among experts over whether California could practically and legally enforce mandatory worldwide combined reporting.
Professor Darren Shainski urged that income shifting is measurable, that many international reforms (GILTI/NICD, Pillar 2, CAMT) supply data or reporting that states could leverage, and that worldwide combined reporting is administrable for large firms. He argued that reasonable approximations…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
