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Governor Newsom Tax Reform

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

Brownstein Hyatt Farber Schreck

California Ballot Measures: Where Do We Stand?

The March 5 primary is right around the corner in California. Headlining the ballot—alongside a slate full of legislative Democrat-on-Democrat primary battles reflecting significant turnover due to term limits—is Proposition...more

Brownstein Hyatt Farber Schreck

Big Battles Loom In CA Legislature, From Clean Energy to Taxes to Labor Protections

A flurry of activity will mark the last two weeks of the session of the California State Legislature. When they convene on Tuesday, Sept. 5, the Assembly will have eight session days scheduled with the Senate having seven...more

Snell & Wilmer

New California Law Attacks NINGs and DINGs

Snell & Wilmer on

On July 10, 2023, California Governor Gavin Newsom signed into law S.B. 131, which included a provision targeting the California state income tax treatment of incomplete gift non-grantor trusts ("INGs"). Under the prior law,...more

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