Form Ftb 3592 - College Access Tax Credit - 2016 Page 2

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Specific Line Instructions
This credit cannot reduce the minimum franchise tax (corporations and
S corporations), the annual tax (limited partnerships, limited liability
Name of credit owner – Enter the name of the credit owner or the name
partnerships, and LLCs), the alternative minimum tax (corporations,
of the entity that generated the tax credit. Also, enter the CA Corporation
exempt organizations, individuals, and fiduciaries), the built-in gains tax
no., FEIN, or the California Secretary of State file number of the credit
(S corporations), or the excess net passive income tax (S corporations).
owner in the space provided. If the name shown on the California return
If a C corporation had unused credit carryovers when it elected
is the same name as the credit owner, enter “same”.
S corporation status, the carryovers were reduced to 1/3 and transferred
to the S corporation. The remaining 2/3 were disregarded. The allowable
Available Credit
carryovers may be used to offset the 1.5% tax on net income in
Skip line 1a and line 1b, if you are only claiming a credit that was
accordance with the respective carryover rules. These C corporation
allocated to you from a pass-through entity (S corporation, estate or
carryovers may not be passed through to shareholders. For more
trust, partnership, or LLC).
information, get Schedule C (100S), S Corporation Tax Credits.
Line 1a– Credit amount from the College Access Tax Credit Allocation
This credit can reduce regular tax below the tentative minimum tax
Agreement
(TMT). Get Schedule P (100, 100W, 540, 540NR, or 541), Alternative
Minimum Tax and Credit Limitations, for more information.
This is the credit amount for the current year as allocated by CEFA.
In order to take the credit the taxpayer must have met the terms and
This credit is not refundable.
conditions under the “Credit Allocation” and “Reporting Requirements”
E
Assignment of Credits
sections of the credit agreement, as applicable.
S corporation, estate, trust, partnership, or LLC (classified as a
Credit earned by members of a combined reporting group may be
partnership) allocate the line 1a credit to each shareholders, beneficiaries,
assigned to an affiliated corporation that is a member of the same
partners, or members in the same way that income and loss are divided.
combined reporting group. A credit assigned may only be claimed by
the affiliated corporation against its tax liabilities. For more information,
Line 2 – Pass-through College Access Tax Credit
get form FTB 3544, Election to Assign Credit Within Combined
If you received more than one pass-through credit from S corporations,
Reporting Group, or form FTB 3544A, List of Assigned Credit Received
estates, trusts, partnerships, or LLCs, add the amounts and enter
and/or Claimed by Assignee or go to ftb.ca.gov and search for
the total on line 2. Attach a schedule listing the entity name, entity
credit assignment.
identification number, and credit amount for all credits passed through
to you.
F
Carryover
Line 4 – Credit carryover from prior years
If the available credit exceeds the current year tax liability, the unused
Enter the amount of credit carryover from prior years on line 4.
credit may be carried over for up to six years or until the credit is
exhausted, whichever occurs first. In no event can the credit be carried
Line 6a – Credit claimed
back and applied against a prior year’s tax. If you have a carryover, retain
Do not include assigned credits claimed on form FTB 3544A.
all records that document this credit and carryover used in prior years.
This amount may be less than the amount on line 5 if your credit
The Franchise Tax Board may require access to these records.
is limited by your tax liability. For more information, see General
Information D, Limitations, and refer to the credit instructions in your tax
booklet. Use credit code 235 when you claim this credit.
Line 6b – Total credit assigned
Corporations that assign credit to other corporations within a combined
reporting group must complete form FTB 3544. Enter the total amount of
credit assigned from form FTB 3544, column (g) on this line.
Page 2 FTB 3592 Instructions 2016

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