The California Franchise Tax Board on December 1 held a meeting, at which the three-member Board voted to approve a proposed regulation regarding sales of other than tangible personal property (i.e., market-based sourcing). At this stage, the proposal is at the end of the formal rule-making process, the public having already had an opportunity to provide comment.
The record is closed, and the Office of Administrative Law (OAL) now has 30 working days to conduct its review. The OAL must review the rule-making record to determine whether the procedural requirements of the state Administrative Procedures Act were satisfied. If it so finds, the OAL will file the regulation with the Secretary of State, and the regulation will be effective within 30 days and printed in the California Code of Regulations.