The California Franchise Tax Board’s method of taxing banks and financial institutions is consistently complex, and a bit messy. This complexity would worsen under the January budget proposal of California Governor Gavin Newsom to tax banks (and savings and loans) using single-sales-factor apportionment.
In this installment of “A Pinch of SALT” published by Tax Notes State, Eversheds Sutherland attorneys Eric Coffill and Megan Long explore the governor’s proposal and its potential implications.
Read the full article here.