Form 3540 - California Credit Carryover And Recapture Summary

Credit Carryover and

TAXABLE YEAR

CALIFORNIA FORM

Recapture Summary

2015

3540

Attach to your California tax return.



Name(s) as shown on your California tax return

SSN or ITIN

CA Corporation no.

FEIN

California Secretary of State file number

Part I – Credit Carryover

(a)

(b)

(c)

(d)

(e)

Code

Name of

Credit carryover available

Credit carryover

Credit carryover to

repealed credit

from prior years

used this year

future years

Part II – Credit Recapture (See Credit Recapture Instructions)

(a)

(b)

(c)

Total credit claimed for all years

Proration percentage:

Credit recapture amount

Employer Childcare

(60 months less number of months facility

column (a) x column (b)

Program Credit (ECPC)

operated ÷ 60 months)

Code 189

(a)

(b)

(c)

Total credit claimed for all years

Proration percentage:

Credit recapture amount

Farmworker Housing

(360 months less number of months facility

column (a) x column (b)

Credit (FWHC)

operated ÷ 360 months)

Code 207

General Information

Business Tax Credit Limitation – For taxable years beginning on

or after January 1, 2008, and before January 1, 2010, business tax

References in these instructions are to the California Revenue and

credits could only offset 50% of the tax (corporations) or net tax

Taxation Code (R&TC).

(individuals), if a corporation’s taxable income was $500,000 or

Part I Carryover

more, or if an individual’s net business income was $500,000 or more.

Business tax credits disallowed due to the 50% limitation may be

A Purpose

carried over. The carryover period for disallowed credits was extended

by the number of taxable years the credits were not allowed.

Use form FTB 3540, Credit Carryover and Recapture Summary, Part I,

to figure a prior year credit carryover of one or more repealed credits

You do not need to complete this form if you file Schedule P (100,

100W, 540, 540NR, or 541). However, complete this form if you are

that no longer have separate credit forms. Credit carryovers may

required to report a credit recapture on Part II.

not be carried back and applied against a prior year’s tax. The repeal

dates have passed for the credits listed on this form, however, these

B Assignment of Credits

credits have carryover provisions. You may claim these credits only if

carryovers are available from a prior year.

Assigned Credits to Affiliated Corporations – Credits earned by

members of a combined reporting group may be assigned to an affiliated

Note: Do not use form FTB 3540 to claim a Los Angeles Revitalization

corporation that is a member of the same combined reporting group. A

Zone (LARZ) Hiring Credit Carryover & Sales or Use Tax Credit

credit assigned may only be applied by the affiliated corporation against

Carryover (Code 159); Targeted Tax Area (TTA) Sales or Use Tax

their tax liability.

Credit Carryover (Code 210); or Local Agency Military Base Recovery

Area (LAMBRA) Sales or Use Tax Credit Carryover (Code 198). Get

For more information, get form FTB 3544, Election to Assign Credit

forms FTB 3806, Los Angeles Revitalization Zone Business Booklet,

Within Combined Reporting Group, or form FTB 3544A, List of

FTB 3809, Targeted Tax Area Business Booklet, and FTB 3807, Local

Assigned Credit Received and/or Claimed by Assignee or go to

Agency Military Base Recovery Area Business Booklet to determine the

ftb.ca.gov and search for credit assignment.

amount of credit carryover you may claim.

You must keep your old tax returns along with the appropriate

information to substantiate that you are entitled to the credits claimed

on this form. The FTB can request that information even on tax returns

for years that are past the statute of limitations.

FTB 3540 2015 Side 1

7351153

For Privacy Notice, get FTB 1131 ENG/SP.

Form 3540 - California Credit Carryover And Recapture Summary - 2015

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