70 Days and Counting: Clock Is Ticking to Claim Embedded Software Tax Exemption

Today, Pillsbury attorneys Lawrence L. Hoenig, Craig A. Becker, Richard E. Nielsen, Dianne L. Sweeney, Matthew F. Burke and Breann Robowski posted their advisory titled 70 Days and Counting: Clock Is Ticking to Claim Embedded Software Tax Exemption. The advisory encourages companies to review California’s embedded software exemption, an established (but underutilized) exemption that may enable companies to enjoy substantial property tax savings in this and future tax years on their personal property assets. Most businesses have until May 7, 2014 to file their annual Business Property Tax Statements (Forms 571-L) with California counties. The advisory recommends that companies act now so they that may claim the benefit of such exemption in preparing these filings, and thereby seek to reduce the amount of their property taxes due this tax year.