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Governor Newsom State Budgets Financial Institutions

Pillsbury Winthrop Shaw Pittman LLP

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

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

Ballard Spahr LLP

Update on California bill to revamp Department of Business Oversight

Ballard Spahr LLP on

California Governor Newsom submitted his updated 2020-2021 budget proposal to the state legislature on May 14, 2020. The proposed budget amendments include substantial cuts to compensate for the anticipated impact to state...more

Morgan Lewis

Watch Out for California – State Stepping Up Fintech and Lending Regulatory Enforcement

Morgan Lewis on

A recent legal conference in Washington, DC, highlighted newly proposed and ongoing regulatory changes in California concerning consumer and commercial lending. ...more

Allen Matkins

Governor Proposes To Expand Department Of Business Oversight Authority And Funding

Allen Matkins on

Last week, Governor Gavin Newsom delivered his proposed budget for California's 2020-2021 fiscal year. The Governor is proposing to rename the Department of Business Oversight as the Department of Financial Protection and...more

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