Last call on California market-based sourcing regulation - FTB accepting comments until October 24

Overview

Following a hearing on August 10, 2011, the California Franchise Tax Board (FTB) proposed further amendments to California Code of Regulations section 25136-2 (renumbered from section 25136(b)), regarding sales of other than tangible personal property. The proposal would set rules for determining assignment of such sales on a "market" basis for taxpayers electing single sales factor apportionment. Interested taxpayers have until October 24, 2011 to submit written comments regarding the proposed changes. [Proposed Cal. Code of Reg. Section 25136-215 Day Notice]

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Peter Michalowski
National SALT Practice Leader
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