Good news for companies with multi-state operations including California – potentially bad news for California. But for in-house counsel, a development that should be raised with your internal and external tax advisors to determine whether there is a California tax refund opportunity for your company. Woot!
Taxpayers should review their apportionment methodology for prior taxable years to determine whether they should file refund claims based on the Multistate Tax Compact’s evenly weighted three-factor apportionment formula.
[Read: California Tax Refund Opportunity Based on Gillette at The National Law Review]