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California › Tax Reform › State Taxes

Pillsbury Winthrop Shaw Pittman LLP

California Governor Releases 2025 Budget Proposal to Move Banks and Financial Corporations to Single-Sales-Factor Apportionment

Pillsbury Winthrop Shaw Pittman LLP on

The proposal includes a shift to a single-sales-factor apportionment formula for financial institutions, aiming to increase tax revenue starting in tax year 2025. Update: On May 14, 2025, Governor Newsom released the May...more

Pillsbury - SeeSalt Blog

California Legislature Advances Broad Federal Tax Conformity Bill (SB 711)

Pillsbury - SeeSalt Blog on

Senate Bill 711 (S.B. 711) would update California’s conformity date to the Internal Revenue Code (IRC) from January 1, 2015, to January 1, 2025. If enacted, this change would apply to taxable years beginning on or after...more

Eversheds Sutherland (US) LLP

San Francisco’s proposed regulation imitates California’s proposed regulation

Eversheds Sutherland (US) LLP on

In November 2024, voters approved Proposition M which provided for an overhaul of San Francisco’s gross receipts tax. Proposition M changed the allocation and apportionment rules for most industries, generally requiring that...more

Pillsbury Winthrop Shaw Pittman LLP

California Governor Releases 2025 Budget Proposal to Move Banks and Financial Corporations to Single-Sales-Factor Apportionment

Pillsbury Winthrop Shaw Pittman LLP on

The proposal includes a shift to a single-sales-factor apportionment for financial institutions, aiming to increase tax revenue starting in tax year 2025....more

CDF Labor Law LLP

Could States and Municipalities in California Use Taxes to Limit Remote Work in the Future?

CDF Labor Law LLP on

Many large California employers have been granted significant state and local tax incentives to establish the physical locations of their businesses in California, or within certain municipalities in California. These can...more

Wilson Sonsini Goodrich & Rosati

California Lifts Suspension of the Use of NOLs

Wilson Sonsini Goodrich & Rosati on

In June 2020, California lawmakers passed legislation that limited use of net operating losses (NOLs) for California taxpayers with net business income of $1 million or more for the tax years 2020, 2021, and 2022. In...more

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