The Washington Department of Revenue is required to adopt a rule for apportioning the income of financial institutions engaged in business both in and outside Washington. This is done for B&O purposes. This rule must generally be consistent with the model adopted by the Multistate Tax Commission (MTC). Accordingly, the Department adopted WAC 458-20-19404 (Rule 19404) to explain how financial institutions must apportion gross income. The Department is updating Rule 19404 to remain consistent with the MTC’s model method of apportionment for financial institutions, which was amended effective January 1, 2016. The Department is also adopting new WAC 458-20-19404A, which will cover the apportionment methodology for financial institutions for the period June 1, 2010, through December 31, 2015. Rule 19404 will cover periods after December 31, 2015.
WAC 458-20-19404 and 458-20-19404A, Washington Department of Revenue, effective January 8, 2017
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