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

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

Background

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.

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