Common use of State and Local Taxes Clause in Contracts

State and Local Taxes. Each Member shall timely file its own returns and pay its own state and local income and franchise taxes; provided, however, that if any two or more Members are required or elect, or WMS elects or causes any two or more Members to elect, to file combined or consolidated (or similar) income tax returns for any taxable year under any state or local income tax law, the financial consequences of filing such returns among such Members shall be determined in a manner as similar as practicable to those provided herein for federal income tax purposes.