California Appeals Court Sides with Multistate Firms on Taxes
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The 1st District Court of Appeal unanimously ruled that California must abide by a long-standing multistate compact that apportioned corporate taxable income on the basis of three equally weighted factors: payroll, sales and property. To do otherwise, it said, would, in effect, violate a contract.
Multistate corporations scored a major victory Tuesday in their long-running legal battle with California tax authorities over how they are to be taxed, one that could cost the state treasury hundreds of millions of dollars.
The decision gives the corporations relief from a 1993 state law that gave double weight to sales, thereby ...
Read more here: http://blogs.sacbee.com/capitolalertlatest/2012/07/california-appeals-court-sides-with-multistate-firms-on-taxes.html
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