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On December 29, 2020, California’s Franchise Tax Board (FTB) staff announced a twenty-day comment period for four changes to the proposed draft language of its 25137 Regulation (Alternative Apportionment). After the twenty-day comment period expires, FTB staff intends to present the newly revised proposed draft Regulation language to the three member Franchise Tax Board to request permission to proceed with the formal Administrative Procedures Act (APA) regulatory process. This regulation project has been ongoing since 2017 and FTB has held a total of four interested parties meetings on the proposed amendments.
After the Interested Parties Meeting held on August 11, 2020, the FTB proposed the following amendments:
FTB will accept written comments until 5 p.m. on January 18, 2021, by mail and email.
For a more detailed look at the 25137 regulation project, please see our previous post: The Long Road to Clarity: FTB Holds Latest Meeting in Multiyear Project to Clarify Alternative Apportionment Petition Process.