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Thank you to everyone who participated in last week’s trivia question!
Last Week’s Question:
What was the first state to adopt a single-factor sales factor formula for apportioning an interstate corporation’s income for state income tax purposes?
The Multistate Tax Compact was drafted in 1966 and became effective, according to its own terms, on August 4, 1967, after a minimum of seven states had adopted it. On April 20, 1967, Kansas became the first state to enact the Multistate Tax Compact, followed shortly after by Washington (June 8, 1967), Texas (June 13, 1967), New Mexico (June 19, 1967), Illinois (July 1, 1967), and Florida and Nevada (August 4, 1967).
Keep an eye out for our next trivia question on Wednesday!