The Multistate Tax Commission Considers Changes to Its Model Financial Institution Apportionment Rule


On March 2, 2011, a subcommittee of the Multistate Tax Commission (MTC) considered significant changes to its model financial institution apportionment rule.


As reported in Sutherland’s SALT Shaker newsletter issued on February 18, 2011, a work group of MTC member states and staff are engaged in discussions with industry representatives regarding the drafting of various proposed amendments to the model rule for the apportionment and allocation of net income applicable to financial institutions (the Model). The Model, first adopted by the MTC in 1994, is being reviewed by MTC’s Income and Franchise Tax Uniformity Subcommittee. The initial focus of the work group was to consider proposed amendments to the receipts factor, including amendments related to credit/debit card-related receipts (including definitional changes and changes to the sourcing of receipts from merchant discount), receipts from automated teller machine services, and receipts from services not otherwise apportioned by specific rules within the regulation.

Please see full alert below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Written by:

Published In:


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Sutherland Asbill & Brennan LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.