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Washington amends financial institution apportionment rules to conform to MTC regulations

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The Washington Department of Revenue issued emergency amendments to its administrative rule addressing how financial institutions engaged in multistate business must apportion certain gross income for business and occupation (B&O) tax purposes that is taxable under the service, and other B&O tax classification. Effective on Jan. 1, 2016, these emergency amendments were issued in response to changes adopted by the Multistate Tax Commission (MTC) and pursuant to a statutory requirement that the department adopt financial institution apportionment rules that are consistent with the MTC model.

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