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Proposition 39

State and Local Tax Advisory – California Voters Approve Proposition 39, but Significant Questions Remain Regarding How Corporate Taxpayers Can Apportion Their Income

November 12, 2012 By Jasper L. (Jack) Cummings, Jr. and Edward Tanenbaum

This advisory discusses the recently approved Proposition 39, a California ballot initiative that requires corporations conducting a multistate business to apportion their income using a single-sales factor apportionment formula beginning January 1, 2013. Two other recent developments in California raise significant questions regarding the effectiveness of Proposition 39’s single-sales factor apportionment requirement. In Gillette Co. v. Franchise Tax Board, the Court of Appeal of California held that a corporate taxpayer could elect to apportion its income using either the statutory formula [...]Read more

Filed Under: Corporate - State, State & Local Tax Advisory, State and Local Planning, State and Local Tax Incentives Tagged With: Proposition 39

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