California Form 3521 - Low-Income Housing Credit - 2013 Page 4
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4E Assignment of Credits
If a C corporation had unused credit carryovers
For more information on how to report and track
when it elected S corporation status, the
assigned credits received by eligible assignees
Assigned Credits to Affiliated Corporations –
carryovers were reduced to 1/3 and transferred
under R&TC Section 23663, get form FTB 3544A.
For taxable years beginning on or after July 1,
to the S corporation. The remaining 2/3 were
Line 7 – If any part of the amount on line 4 is
2008, credit earned by members of a combined
disregarded. The allowable carryovers may
from a passive activity, you must complete form
reporting group may be assigned to an affiliated
be used to offset the 1.5% tax on net income
FTB 3801-CR, Passive Activity Credit Limitations,
corporation that is a member of the same
in accordance with the respective carryover
or form FTB 3802, Corporate Passive Activity
combined reporting group. A credit assigned
rules. These C corporation carryovers may
Loss and Credit Limitations, to determine your
may only be claimed by the affiliated corporation
not be passed through to shareholders. For
allowable credit. Complete form FTB 3801-CR or
against its tax in taxable years beginning on or
more information, get Schedule C (100S),
form FTB 3802 before completing the rest of this
after January 1, 2010. For more information, get
S Corporation Tax Credits.
form.
form FTB 3544, Election to Assign Credit Within
If a taxpayer owns an interest in a disregarded
Combined Reporting Group, or form FTB 3544A,
You cannot claim the credit on any building that
business entity, [a single member limited
List of Assigned Credit Received and/or Claimed
has been allowed any relief from the passive loss
liability company (SMLLC) not recognized by
by Assignee or go to ftb.ca.gov and search for
rules under Section 502 of the Tax Reform Act of
California, and for tax purposes treated as a sole
credit assignment.
1986.
proprietorship owned by an individual or a branch
Line 10 – Affiliated corporations enter only
owned by a corporation], the credit amount
F Carryover
credits allocated under Low-Income Housing
received from the disregarded entity that can be
Credit R&TC Section 23610.5(q) on this line. Do
utilized is limited to the difference between the
If the available credit exceeds the current year tax
not enter credits assigned from form FTB 3544.
taxpayer’s regular tax figured with the income of
liability, the unused credit may be carried over to
See line 12b and its specific line instructions for
the disregarded entity, and the taxpayer’s regular
succeeding years until exhausted. Use Part II to
more information on how to enter those credits
tax figured without the income of the disregarded
figure your carryover. Apply the carryover to the
on this form.
entity.
earliest taxable year(s) possible. This credit may
not be carried back and applied against a prior
Part II – Carryover Computation
An SMLLC may be disregarded as an entity
year’s tax.
separate from its owner, and is subject to
Line 12a – The amount of this credit you can
statutory provisions that recognize otherwise
claim on your tax return may be limited further.
disregarded entities for certain purposes, for
Instructions
Refer to the credit instructions in your tax
example:
booklet for more information. The instructions
• The tax and fee of an LLC
Part I – Credit Computation
also explain how to claim this credit on your tax
• The return filing requirements of an LLC
return. Use credit code number 172 when you
Line 2 – The available credit is the smaller of:
• The credit limitations previously mentioned
claim this credit. Also see General Information D,
• The amount designated on form CTCAC 3521A.
Limitations.
Get Form 568, Limited Liability Company Tax
• The amount computed in Part III, line 20.
Booklet, for more information.
Line 12b – Corporations that completed form
If form FTB 3521 is completed by a pass-through
FTB 3544 for this credit, enter the amount from
If the disregarded entity reports a loss, the
entity (S corporation, estate, trust, partnership, or
column (g) on this line.
taxpayer may not claim the credit this year but
LLC classified as a partnership), the entity must
can carry over the credit amount received from
Part III – Basis Recomputations
attach a separate schedule to the form that shows
the disregarded entity to the next succeeding
each shareholder’s, beneficiary’s, partner’s,
taxable year.
Use Part III only if the eligible basis decreased on
or member’s name, identification number,
a project or building.
This credit cannot reduce the minimum
the amount of pass-through credit, and the
franchise tax (corporations and S corporations),
Line 17 – Only the portion of the basis
corresponding building identification number.
the annual tax (limited partnerships, limited
attributable to the low-income rental units in the
Line 3 – If you received more than one
liability partnerships, and LLCs classified
building at the close of the year qualifies for the
pass- through credit from S corporations,
as partnerships), the alternative minimum
credit. This is the smaller of the following:
estates, trusts, partnerships, or LLCs classified
tax (corporations, exempt organizations,
• The percentage of low-income units to all
as partnerships, more than one allocated credit
individuals, and fiduciaries), the built-in gains
residential rental units (the “unit percentage”).
from affiliate corporations, or a combination
tax (S corporations), or the excess net passive
• The percentage of floor space of the
of pass- through and allocated credits, add the
income tax (S corporations).
low-income units to the floor space of all
amounts and enter the total on line 3. Attach a
This credit can reduce regular tax below tentative
residential rental units (the “floor space
schedule showing the names and identification
minimum tax. Get the applicable Schedule P (100,
percentage”).
numbers of the entities from which the credits
100W, 540, 540NR, or 541) Alternative Minimum
were passed through or allocated to you.
Low-income units are units occupied by
Tax and Credit Limitations, for more information.
qualifying tenants, while residential rental units
Important: Affiliated corporations that qualify as
This credit is not refundable.
are all units, whether or not occupied.
eligible assignees and receive credits assigned
under R&TC Section 23663, do not enter any of
these credits from form FTB 3544A on this line.
The corporation only enters credits allocated
under the Low-Income Housing Credit R&TC
Section 23610.5(q).
Page 2 FTB 3521 Instructions 2013
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