MTC Panel Advances New Combined Reporting Model Law

Law360 (July 30, 2020, 7:36 PM EDT) -- The Multistate Tax Commission's draft model combined reporting statute reflecting the so-called Finnigan apportionment method, which treats members of a business group as one taxpayer, moved one step closer to adoption Thursday by winning approval from a key committee.

Without any debate, the MTC's executive committee voted to send the model statute forward for a survey of the commission's member states that would be affected by the proposal. If the majority of the members respond that they would consider adopting the model, it would then be taken up by the full commission.

The draft statute would act as an alternative to...

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