Looking for a California Tax Forms And Templates? Download it for free!

Disregarded business entity. If a taxpayer owns an interest in a

Line 5b – Assignable credit carryover from prior year

disregarded business entity [for example, a single member limited

Complete this line only if you are a member of a combined reporting

liability company (SMLLC), which for tax purposes is treated as a sole

group. This is the assignable portion of line 5a, Credit carryover from

proprietorship if owned by an individual or a division if owned by a

prior year. Enter the prior year credit allocated to you by the CFC plus the

corporation], the credit amount received from the disregarded entity

credit you received from pass-through entities, less any credit amounts

is limited to the difference between the taxpayer’s regular tax figured

in prior years that were:

with the income of the disregarded entity, and the taxpayer’s regular tax

y Used to reduce your franchise or income tax liability

figured without the income of the disregarded entity. If the credit is sold

y Assigned to affiliated corporations

under Section 17053.85(c) or Section 17053.95(c), or assigned or sold

y Sold to unrelated parties (if the credit was attributable to an

under Section 23685(c) or Section 23695(c), this restriction does not

independent film)

apply.

y Applied against sales and use tax

Carryover

Do not include any prior year credit amounts that you purchased or were

assigned to you by an affiliated corporation.

If the available credit exceeds the current year tax liability or is limited

Line 7a – Credit sold to other entities. Enter the amount of credit sold

by TMT (individual taxpayers only), the unused credit may be carried

to an unrelated party from form FTB 3551, box 7 (Total amount of credit

over for six years or until the credit is exhausted, whichever occurs first.

being sold).

Apply the credit carryover to the earliest taxable year. In no event can the

credit be carried back and applied against a prior year’s tax.

Line 8 – Credit assigned to affiliated corporations. If you assigned

a credit to an affiliated corporation pursuant to R&TC Section 23685

Retain all records that document the credit and carryover used in prior

or Section 23695, complete Part IV, Credit Assigned to Affiliated

years. The FTB may require access to these records.

Corporations Pursuant to R&TC Section 23685 or Section 23695. Enter

the amount from Part IV, line 22(d), on this line.

Specific Line Instructions

Line 9 – Credit passed through on Schedule K-1. Enter the amount

of credit passed through to shareholders, partners, or members on

Owner of credit. Enter the name of the owner of the credit and

Schedule K-1, on this line.

the California Corporation no. or FEIN or the California Secretary of State

(SOS) file number. If the name shown on the California return is the

Line 10a – Credit applied against sales and use taxes. If you applied

same as the owner of the credit, enter “Same”.

any portion of the credit against qualified sales and use taxes, enter the

amount on this line.

Part I – Available Credit

Part II – Carryover Computation

Credit certificate numbers (Lines 1b, 2b, 3b, 7b, and 10b) – Provide

the tax credit certificate number for the current year generated credit

Line 13a – Credit claimed

allocated to you from the CFC, passed through to you from a pass-

Do not include assigned credits claimed on form FTB 3544A.

through entity, purchased from a qualified taxpayer, assigned to you

This amount may be less than the amount on line 12 if your credit

from an affiliated corporation, or applied against BOE sales and use

is limited by your tax liability. For more information, see General

taxes. If you reported multiple credits, list all tax credit certificate

Information D, Limitations, and refer to the credit instructions in your tax

numbers on the respective lines or attach a schedule, if necessary.

booklet. When you claim the credit, use credit code 223 for the original

Failure to provide all tax credit certificate numbers may result in the

credit or code 237 for the new credit.

disallowance of the credit.

Note: If you enter an amount on line 13a, complete the table, Part V,

Line 1a – Current year generated credit. If you received a tax credit

Credit Claimed.

certificate from the CFC, enter the full amount of credit allocated to you

Line 13b – Total credit assigned

as shown on the CFC Tax Credit Certificate. If you received more than

Corporations that assign credit to other corporations within combined

one tax credit certificate during the taxable year, add the credit amounts

reporting group under R&TC Section 23663 must complete

from all credit certificates and enter the total on this line. If you received

form FTB 3544. Enter the total amount of credit assigned from

the credit from a pass–through entity, purchased the credit from a

form FTB 3544, column (g) on this line.

qualified taxpayer, or received the credit through an assignment from

another corporation pursuant to R&TC Section 23685 or Section 23695,

Part III – Assigned Credit from Affiliated

do not enter the amounts on this line. Instead, enter these amounts on

line 2a, line 3a, or line 4, respectively.

Corporations Pursuant to R&TC

Line 2a – Credit received from pass–through entities. Add the

Section 23685 or Section 23695.

pass-through credit amounts received from S corporations, estates,

trusts, partnerships, or LLCs taxed as a partnership, and enter the

Complete this table if you received credits assigned from an affiliated

total on this line. Attach a schedule showing the name, address, tax

corporation pursuant to R&TC Section 23685 or Section 23695.

identification number, and percentage of ownership for the flow-through

Line 15, column (a) – Assignor name. Enter the name of the

entity from which you received the credit.

corporation that assigned the credit.

Line 3a – Credit purchased from other entities. Enter the amount

Line 15, column (b) – Assignor corporation number, FEIN, or CA SOS

of credit purchased from a qualified taxpayer. Do not enter the

number. Enter the California corporation number, FEIN, or CA SOS

consideration amount paid for the credit.

number of the corporation that assigned the credit.

Line 4 – Credit received from affiliated corporations. If you received

Line 15, column (c) – Credit certificate number. Enter the credit

an assigned credit from an affiliated corporation pursuant to R&TC

certificate number from the qualified taxpayer’s (assignor’s) tax credit

Section 23685 or Section 23695, complete Part III, Credit Received from

certificate issued by the CFC.

Affiliated Corporations Pursuant to R&TC Section 23685 or Section

Line 15, column (d) – Credit received. Enter the amount of the credit

23695. Enter the amount from Part III, line 16 on this line.

received from the assignor.

FTB 3541 Instructions 2016 Page 3

Instructions For Form Ftb 3541 - California Motion Picture And Television Production Credit - 2016 Page 3

Related Articles

Related forms

Related Categories