[Verse 1] When corporations stretch across state lines Revenue flows like rivers intertwined UDITPA's framework splits the pie Three factors weigh where profits lie Property, payroll, sales divide But trends are shifting nationwide [Chorus] Single sales factor takes the stage Market-based sourcing sets the gauge Unitary business, combined report SALT cap workarounds, PTE support Federal conformity, states decide Decoupling rules applied with pride [Verse 2] Gone are days of equal weight Single sales factor seals the fate Where customers receive the goods That's where income's understood Market-based beats cost performance test Destination trumps where work's addressed [Chorus] Single sales factor takes the stage Market-based sourcing sets the gauge Unitary business, combined report SALT cap workarounds, PTE support Federal conformity, states decide Decoupling rules applied with pride [Verse 3] Combined reporting stops the games Unitary business shares the names Related companies can't hide Income shifting swept aside Water's edge or worldwide scope Apportionment's expanded rope [Bridge] Pass-through entities find their way Ten thousand dollar SALT delay States impose their entity tax Federal limits circumvented facts Conformity or go alone Each state claims its sovereign throne [Chorus] Single sales factor takes the stage Market-based sourcing sets the gauge Unitary business, combined report SALT cap workarounds, PTE support Federal conformity, states decide Decoupling rules applied with pride [Outro] Fifty states with different rules Multistate tax requires sharp tools Apportion wisely, source with care State income tax is everywhere
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