Bill > S1584

This bill extends the "single sales factor apportionment" method to all retail and wholesale corporations, meaning that for tax purposes, their income will be taxed based solely on where their sales occur, rather than a combination of sales, property, and payroll. This change is achieved by amending existing tax laws to ensure that the "receipts factor," which represents sales, is the sole determinant of how a company's net income is divided and taxed within the state, with specific provisions added to clarify how receipts from services, intangible property, and capital assets are calculated and attributed to the state's marketplace, and also includes a detailed method for mutual fund service corporations to attribute sales based on shareholder domicile.