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California Enacts Single Sales Factor for Financial Institutions and Extends Elective PTET
July 16, 2025ArticleCalifornia Enacts Single Sales Factor for Financial Institutions and Extends Elective PTET
July 16, 2025California Gov. Gavin Newsom has signed S.B. 132, which requires financial institutions to use California’s mandatory single sales factor apportionment formula beginning January 1, 2025. S.B. 132 also extends the elective PTET through the 2030 tax year.
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