The impacts of California law change on financial services

As of January 1, 2025, California has significantly reshaped the state tax landscape for financial institutions. A new law replaces the long-standing three-factor apportionment formula with a mandatory single sales factor approach. In this episode of PwC’s Financial Services audiocasts, Denise Schwieger and Ben Muilenburg break down the implications for financial institutions, outline potential tax liabilities, and emphasize strategic steps to mitigate risks and capture potential benefits.